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CDC, Societe Generale partner to boost African trade

Thursday 2 July 2020 11:31 CET | News

UK-based impact investor CDC Group has closed a USD 100 million trade finance risk sharing facility with Societe Generale.

The facility will support Societe Generale to increase the limits that it currently provides to local banks and extend limits to new banks in Africa, particularly focusing on Francophone West Africa. This commitment will allow Societe Generale to provide funding to local importers of essential foodstuffs and resources – to help companies through the current economic crisis and to support job creation in Africa.

This partnership promotes the United Nations’ Sustainable Development Goals (SDGs) by supporting economic opportunities and growth, as well as contributing to an increase in jobs as importers increase their distribution networks. Africa’s trade finance deficit is estimated by the International Chamber of Commerce at USD 110 billion to USD 120 billion – representing about 25% of the demand for trade finance in Africa.

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Keywords: CDC, Societe Generale, African trade, trade finance, risk sharing facility, local banks, new banks, Francophone West Africa, funding, economic crisis, United Nations, SDG, deficit, International Chamber of Commerce
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Africa
This article is part of category

Banking & Fintech