• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 26, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

AfDB approves $150m agreement facility to boost trade in Eastern, Southern African

AfDB

The Matters Press by The Matters Press
February 29, 2024
Reading Time: 2 mins read
0
Nigeria gets AfDB’s $14m as member of ATI

AfDB

Abuja, Feb. 29, 2024: The African Development Bank (AfDB) Group has approved a 150 million dollar Trade Finance Unfunded Risk Participation Agreement (RPA) facility to boost trade in Eastern and Southern African.

RELATED POSTS

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

The Board of Directors of the Bank gave the approval in a statement issued on the bank’s website on Thursday.

According to the statement, the agreement is between the AfDB and Trade and Development Bank (TDB).

The agreement is expected to boost intra-Africa trade, promote regional integration, and contribute to the reduction of trade finance gap in Africa.

This is in line with the aspirations of the African Continental Free Trade Area (AfCFTA).

According to the statement, the AfDB will provide a guarantee cover of 50 per cent and up to 75 per cent for transactions in low-income countries.

The statement said the bank would also provide guarantee cover to transition states on a risk share basis with TDB.

It said this would be implemented in a number of qualifying local and regional banks in the Common Market for Eastern and Southern Africa (COMESA) region active in the trade finance sector.

The statement quoted Nnenna Nwabufo, AfDB’s Director-General for Eastern Africa region, as saying that the facility is expected to support about 1.8 billion dollars of trade over the next three years.

According to Nwabufo, supporting trade in Africa is a key priority for AfDB.

“Trade finance is an important driver of economic growth and is critical for cross-border trade, particularly in emerging markets.

“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,” she said.

Meanwhile, Admassu Tadesse, TDB Group President and Managing Director, expressed the groups’ pleasure in the partnership with AfDB.

“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,” Tadesse said.

The unfunded RPA is one of the trade finance instruments offered by the bank to support local banks in Africa.

It is designed to give regional and international commercial banks and eligible regional DFIs partial risk cover for their trade finance operations in Africa with the AfDB typically taking a 50 per cent share of the risk.

The AfDB also offers a 3-year trade finance Transaction Guarantee (TG) facility to local banks to support confirmation of their trade finance transactions.

Tags: AfDB
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Tinubu denies manipulating NASS
Economy/Technology

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

June 20, 2025
Next Post
Consumer commission, CBN, EFCC investigate violations in money lending

Four directors of CBN confirmed by senate

Nigeria, China strategic partnership key to Africa’s development – Shettima

Nigeria moves to tap into $350b global outsource market

Recommended Stories

Uganda Railways to add three train routes

March 5, 2023
NIMASA moves against illegal fishing in Nigerian waters

NIMASA not revenue generating agency – former DG

June 21, 2023
Nigeria has not taken decision yet on fuel subsidy

Framework on fuel subsidy removal palliative on course – Tinubu

July 13, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
  • Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
  • Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us