AfDB lends $40 mn to Mozambique for Maputo rail corridor
The Maputo corridor is used to export mineral commodities (such as bulk magnetite, ferrochrome, chromium ore and coal) from the mining belt of north-eastern South Africa through the port of Maputo.
African Development Bank Partners with Bank One on Trade Finance
The African Development Bank Group is supporting the trade finance efforts of Bank One Limited.
The Group will provide a $40 million trade finance package that is meant to help Bank One of Mauritius increase its capacity to provide trade finance to small to medium-sized businesses (SMBs), local corporates and other key sectors in Mauritius and across Africa, the African Development Bank said in a Thursday (Dec. 22) press release.
The package includes a $25 million risk participation agreement and a $15 million transaction guarantee, the release said.
“Given the cross-sectoral nature of trade, the proposed facility, while leveraging Bank One’s footprint, is expected to enhance the African Development Bank’s efforts to integrate Africa and improve the quality of life for the African people,” African Development Bank Head of Trade Finance Lamin Drammeh said in the release.
Africa has an annual “trade finance gap” of $81 billion because SMBs and other domestic firms have greater difficulty accessing trade finance than do multinationals and large local corporates, according to the press release.
The African Development Bank aims to reduce that gap by deploying the new transaction guarantee and risk participation agreement with Bank One, which is a leading Mauritian and regional banking for with reach that extends across the continent and globally, the release said.
Read more: https://prnewsdistribution.co.uk/african-development-bank-partners-with-bank-one-on-trade-finance#AfricanDevelopmentBank#B2bPayments#CrossborderPayments#DigitalPayments#Smes#TradeFinance#NgulminthangLhanghal
African Development Bank Partners with Bank One on Trade Finance
The African Development Bank Group is supporting the trade finance efforts of Bank One Limited.
African Development Bank Supports Bank One With $40 Million Trade Finance Package
As per the latest news, the African Development Bank is supporting the Bank One of Mauritius by granting a $40 million trade finance package to boost its capacity to provide trade finance facilities to SMEs, local corporates and other important areas in Mauritius and across Africa.
The above-mentioned package consists of a $25 million risk participation agreement and a $15 million transaction guarantee as per the announcement.
This transaction guarantee will enable the Bank to provide up to 100% guarantee to confirming banks for the risks of payment failure arising from the confirmation of trade finance service issued by Bank One. On the other hand, the risk participation arrangement will initiate up to 50% guarantee cover on a portfolio basis to boost the trade finance transactions started by issuing banks in area member nations. In short, this financial backing will help Bank One strengthen its capacity to cater to the trade finance requirements of key sectors.
“Looking at the cross-sectoral practices of trade, the proposed funding, while utilizing Bank One’s footprints, is supposed to upgrade the African Advancement Bank's endeavours to coordinate Africa and enhance the quality of life of African residents,” stated the African Development Bank Head of Trade Finance Lamin Drammeh.
Read more: https://www.emeriobanque.com/news/african-development-bank-supports-bank-one#tradefinanceservice#AfricanDevelopmentBank#transactionguarantee#tradefinanceinstruments#financialservices
African Development Bank Supports Bank One With $40 Million Trade Finance Package
The African Development Bank approves a $40 million trade finance package to support the Bank One of Mauritius to provide trade finance facilities to SMEs.
African Development Bank Accepts Risk Participation Agreement with Crédit Agricole CIB
As per the latest news, the Board of Directors of the African Development Bank Group has supported a Risk Participation Agreement of $50 million with Crédit Agricole Corporate and Investment Bank.
This arrangement will help African Banks and their small and medium-sized enterprise (SME) customers to compete in more extended regional and international trade. It is focused on enabling a cumulative trade transaction volume of $450 million over the next three years.
“This agreement boosts certainty among various African leaders to support a new trade dynamic on the continent,” explained Mohamed El Azizi, the African Development Bank’s Director General for North Africa. He added, “And this is important for the realization of the African Continental Free Trade Area, which will aid in bringing resilience, attract growth and boost a recovery that sets out opportunities and jobs.”
Read more: https://ngulminthanglhanghal.mystrikingly.com/blog/adb-accepts-risk-participation-agreement-with-credit-agricole-cib#AfricanDevelopmentBank#AfricanBanks#CréditAgricoleCIB#tradefinance#AfricanSMEs #NgulminthangLhanghal #Ngulminthang
African Development Bank Accepts Risk Participation Agreement with Crédit Agricole CIB
African Development Bank accepts the Risk Participation Agreement with Crédit Agricole CIB worth $50 million to promote intra-African trade. Read the full news.
