19/03/2024
: The Board of Directors of the African Development Bank Group approved a $150 million Trade Finance Unfunded Risk Participation Agreement facility with the Trade and Development Bank (TDB). Expected to spur $1.8 billion in intra-Africa trade over 3 years, the agreement will also promote regional integration and contribute to reducing the trade finance gap on the continent.
“Trade finance is an important driver of economic growth and is critical for cross-border trade particularly in emerging markets,” said Nnenna Nwabufo, African Development Bank Director General for the Eastern Africa region. “We are delighted to work with TDB, a strong partner with extensive knowledge and network in Africa, on a shared ambition to support the region’s trade.”
“TDB Group is very pleased to continue building on its strategic partnership and fit-for-purpose risk-sharing facilities with the AfDB Group to scale up trade finance and other offerings in a region where there continues to be large gaps in access to trade finance, among others, and where major international banks have been withdrawing and reducing their risk appetite,” emphasised Admassu Tadesse, TDB Group President and Managing Director.
Details: https://bit.ly/49U93K6
