AfDB approves $150 million regional trade financing – Freshangle News

by MMC
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The Board of Directors of the African Development Bank Group (www.AfDB.org) approved a $150 million unfunded trade finance risk participation agreement between the African Development Bank and the Trade and Development Bank (TDB). The agreement is expected to boost intra-African trade, promote regional integration and contribute to reducing the trade finance gap in Africa, in line with the aspirations of the African Continental Free Trade Area (AfCFTA) (www.AU-AfCFTA.org).

The African Development Bank will provide guarantee coverage of 50% and up to 75% for transactions in low-income countries and transitional states on a risk-sharing basis with TDB at a number of eligible local and regional banks in the Common Market for Eastern and Southern Africa. (COMESA), which are active in the trade finance sector. The mechanism is expected to support approximately $1.8 billion in trade over the next three years.

“Supporting trade in Africa is a key priority for the AfDB. Trade finance is an important driver of economic growth and is essential for cross-border trade, particularly in emerging markets,” said Nwabufo Nnenna, group managing director for the East Africa region. “We are delighted to work with TDB, a strong partner with deep knowledge and network in Africa, on a shared ambition to support the region’s trade. »

Admassu Tadesse, Chairman and Managing Director of TDB Group, highlighted: “TDB Group is very pleased to continue to build on its strategic partnership and tailored risk-sharing facilities with ADB Group to scale up trade financing and other offers in a region. where there continue to be large gaps in access to trade finance, among others, and where major international banks have withdrawn and reduced their appetite for risk.

Distributed by APO Group for the African Development Bank (AfDB) Group.





Copyright: Fresh Angle International (www.freshangleng.com)


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