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    BREAKING NEWS
    African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia
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    CDC Group Announces Additional US$75m Trade Finance Deal with Absa

    Posted On 30 Jul 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 14

    By Richard Adorsu-

    US Hundred Dollar Bills
    Photo Credit: Depositphotos

    NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana- CDC Group, the UK’s development finance institution and impact investor, has today announced an additional US$75 million commitment to its existing trade finance facility with Absa Bank. The investment will provide systemic liquidity across CDC Group, Africa’s markets.  

    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.

    The pandemic has put significant pressure on African banks as international banks continue to “de-risk”, withdraw from the continent and reduce their correspondent banking relationships in developing economies.

    In the context of broad outflows of capital from Africa, counter-cyclical commitments from development finance institutions are critical to mitigating these pressures and maintaining trade flows.

    CDC’s partnership with Absa includes an innovative mechanism to boost trade finance funding to some of Africa’s most vulnerable countries. Trade finance transactions in sectors that are critical to serving people’s basic needs during the crisis, food, agriculture and health, will also benefit from preferential terms.

    The commitment will help maintain consumer access to a wide range of goods and services and allow businesses to continue operating by enabling them to import vital equipment and goods.

    New Africa Business News
    Africa’s Fastest Growing Global Newspaper. Forward www.newafricabusinessnews.com

    “Today’s announcement strengthens CDC’s relationship with Absa and builds on two existing trade finance facility announced in October 2019.” Admir Imami, Director, Head of Trade and Supply Chain Finance, CDC. “CDC remains committed to closing Africa’s trade finance gap of US$110 billion to US$120 billion. By scaling up our trade finance agreements in Africa, we can protect vital supply chains that make a tangible impact on everyday lives. Our commitment will also provide a lifeline to many businesses dependent on imports. By investing in them today, we can ensure they are well positioned to weather the crisis and contribute to the continent’s economic recovery.”

    George Wilson, Head of Institutional Trade, Absa: “Absa has made a commitment to supporting entrepreneurs and business owners on the continent. With traditional global supply chains being disrupted, this transaction allows us to re-imagine the continent as a trade destination and capacitate businesses to allow them to create jobs and drive economic activity.”

     

     

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    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

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    New Africa Business News Staff Correspondent
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    14 Comments

    1. Zala July 30, 2020 at 3:21 am Reply

      Only good loans and supply chains in the continent, only. Made in Africa. Thank you for reporting. Addis Ababa in Ethiopia. Zala

      • New Africa Business News, Staff Correspondent July 30, 2020 at 3:23 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Lunga July 30, 2020 at 3:35 am Reply

      Goods and services made in our Continents, for that money. Johannesburg South Africa. Lunga

      • New Africa Business News, Staff Correspondent July 30, 2020 at 3:35 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Nandi July 30, 2020 at 3:39 am Reply

      Thank you for signing me to new Africa news. Great online newspaper. Nandi in Harare South Africa

      • New Africa Business News, Staff Correspondent July 30, 2020 at 3:39 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Ayat July 30, 2020 at 3:48 am Reply

      Our governments and companies should not take loans that going back to the them. Rabat Morocco. Ayat

      • New Africa Business News, Staff Correspondent July 30, 2020 at 3:49 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Kagumbo July 30, 2020 at 3:57 am Reply

      Yes, they are ready to give millions in loans to our governments and companies in our continent, then tell us you have to buy our products and services in their countries. Time to stop signing bad loans that are not going to and will never help our continent and our people. Love Africa. Windhoek Namibia. Kagumbo

      • New Africa Business News, Staff Correspondent July 30, 2020 at 3:58 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Abuya July 30, 2020 at 4:04 am Reply

      Journalist Adorsu thank you for reporting. Am a fan. Nairobi Kenya. Abuya

      • New Africa Business News, Staff Correspondent July 30, 2020 at 4:05 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    7. Jasper July 30, 2020 at 4:11 am Reply

      Our governments need to be wise and be great Leaders. Should always remember Africa first. Jasper in Kampala Kenya

      • New Africa Business News, Staff Correspondent July 30, 2020 at 4:12 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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