Africa-Press – Botswana. The African Development Bank (AfDB) announced on Thursday (14) that it had approved a US$175 million regional trade finance facility for the East and Southern Africa Trade and Development Bank.
In a statement, the institution says that, together, “the two institutions will provide an amount of 350 million dollars to support commercial transactions” on the continent.
“The agreement is expected to boost intra-African trade, promote regional integration and contribute to closing the trade finance gap in Africa,” the AfDB said in the statement.
Through the agreement reached by the two banks, the ADB “will provide liquidity up to 50 percent”, with the other half being complemented by the Bank of Commerce and Development and issuing banks, “on a risk-sharing basis to support the commercial activities of companies and SMEs in the member countries of the Common Market for Eastern and Southern Africa (COMESA)”.
“This is a strategic effort by the African Development Bank to support the Continental Free Trade Area in Africa agenda of reshaping markets and economies across the region, helping to boost production in the services, trade, manufacturing and resources sectors. natural resources”, underlines that institution in the note.
Established in 1985, the East and Southern Africa Trade and Development Bank (TDB) is a multilateral, treaty-based development finance institution with 41 shareholders and sovereign and institutional assets worth 7,200 million dollars.
For More News And Analysis About Botswana Follow Africa-Press
