CDC adds 75 mln to its trade finance deal with Absa

Friday 31 July 2020 14:12 CET | News

CDC, a UK-based development finance institution, has announced an additional USD 75 million commitment to its existing trade finance facility with Absa Bank.

The investment will provide systemic liquidity across CDC’s African markets and enable local banks to sustain the availability of trade finance, supporting supply chains during the COVID-19 crisis.

CDC’s partnership with Absa includes a mechanism to improve trade finance funding to some of Africa’s most vulnerable countries. The commitment will help maintain consumer access to a range of goods and services and allow businesses to continue operating by enabling them to import equipment and goods.

Africa’s trade finance deficit is estimated by the International Chamber of Commerce to represent about 25% of the demand for trade finance in Africa.

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Keywords: CDC, Absa, UK, banks, Africa, trade finance, supply chains, SCF, COVID-19, coronavirus, pandemic, partnership, International Chamber of Commerce
Categories: Banking & Fintech
Countries: Africa
This article is part of category

Banking & Fintech