#tradefinancegap

EBID Secures $130m Funding To Curb Trade Financing Gap in Africa As per the latest news, the ECOWAS Bank for Investment and Development (EBID) has revealed a dual-currency trade finance credit line worth around $ 130 million. The funding will be utilized critically to upgrade food security and build up agricultural value chains across West Africa, the AfDB stated in the declaration issued. The granted funds acknowledge the first time it has secured financial support from the African Development Bank (AfDB) which was honored with “Best Multilateral Financial Institution 2021” by Global Finance. The AfDB is facilitating $ 50 million and €50 million to the three-and-a-half-year facility, while the People’s Bank of China is giving a further US$ 30 million through Africa Growing Together Fund - a solution provided by the Chinese central bank yet managed by the AFDB. According to the AfDB’s head of trade finance, Lamin Drammeh, “Working with the EBID should assist with further developing its access to trade finance in the Ecowas area, which consists of 15 West African nations.” Read more: https://www.emeriobanque.com/news/ebid-secures-130-m-dollar-funding-to-curb-trade-financing-gap-in-africa #ECOWASBank #AfDB #tradefinance #tradefinancegap #SMEs #EBID #GlobalFinance

Bladex Partners With TradeAssets to Boost Trade Finance Access in LatAm As per the latest news, the Panama-based multinational bank Banco Latinoamericano de Comercio Exterior (Bladex) has turned into the first bank in Latin America to collaborate with Dubai-headquartered Fintech Innovations International DMCC’s TradeAssets platform. By associating with TradeAssets, an eMarketplace for financial institutions (FI) assisting banks in developing markets to get easy access to trade finance and liquidity, Bladex will empower to facilitate its client's improved access to global trade finance instruments, as per the companies’ statements in a press release. “We are excited about this tremendous association as its value propositions cater to various strategic goals for Bladex,” said BladexCEO Jorge Salas in the press release. “It offers easy access to new markets, gears up customers or counterparties development, and creates functional and effective improvements that aid in technological strength.” TradeAssets has 100 bank members from around 30 nations, since 2020, more than $2.5 billion has been posted in volumes, as per the release. Read more: https://www.axioscreditbank.com/blogs/bladex-partners-with-tradeassets-to-boost-trade-finance-access-in-latam #LatinAmerica #TradeAssets #tradefinance #globaltradefinanceinstruments #Bladex #tradefinancegap #financialservices

How Investing In Trade Finance Can Help SMEs Uplift? 1. The trade finance gap has reached $1.7 trillion, excessively affecting small & medium-sized enterprises (SMEs). 2. New technologies can have a vital role in transforming trade finance assets into profitable market products. 3. A multitasker approach is essential to ensure the easy accessibility of trade finance instruments for SMEs. Trade acts as an accelerator that gives a boost to a country’s economy, 80-90% of international trade requires financing out of which, around 90% of the organizations are owned by SMEs and over half of the jobs globally according to the World Bank. Generally, these are the SMEs that are underserved and lack reasonable trade finance. One thing is clear: unless SMEs are capable of executing trade transactions with the support of financing, the economy cannot improve. According to the latest report issued by Asian Development Bank (ADB), SMEs are adversely affected by the $1.7 trillion trade finance gap ie. the difference between the number of trade finance applications by SMEs involved in global transactions and the number of approvals. As per the data, SMEs face 40% of these rejections which is quite higher than their share of applications. In this regard, ADB partnered with Seabank to expand trade finance in Vietnam. Read more: https://www.emeriobanque.com/news/investing-in-trade-finance-can-help-smes-uplift #tradefinancegap #tradetransactions #SMEs #tradefinanceservices #blockchaintechnology