{"id":24588,"date":"2023-01-08T08:21:48","date_gmt":"2023-01-08T08:21:48","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/african-development-bank-approves-40-million-trade-finance-package-to-bank-one-limited-mauritius"},"modified":"2023-01-08T09:44:11","modified_gmt":"2023-01-08T09:44:11","slug":"african-development-bank-approves-40-million-trade-finance-package-to-bank-one-limited-mauritius","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/african-development-bank-approves-40-million-trade-finance-package-to-bank-one-limited-mauritius","title":{"rendered":"African Development Bank approves $40 million Trade Finance Package to Bank One Limited Mauritius"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Mauritius. <\/strong><\/span>The Board of Directors of the African Development Bank Group has approved a $40 million Trade Finance Package in favor of Bank One Limited of Mauritius. The financial package comprises a $25 million Risk Participation Agreement and a $15 million Transaction Guarantee.<\/p>\n<p>The transaction guarantee facility will allow the Bank to provide, on a transaction basis, up to 100% guarantee to confirming banks for the non-payment risk arising from the confirmation of trade finance instruments issued by Bank One.<\/p>\n<p>On the other hand, the risk participation agreement will provide up to 50% guarantee cover on a portfolio basis to support trade finance transactions originated by issuing banks in regional member countries.<\/p>\n<p>This financial support is expected to help Bank One increase its capacity to support the trade finance needs of key sectors, including Small- and Medium\u2013sized Enterprises (SMEs) and local corporates in Mauritius and across the continent.<\/p>\n<p>\u201cGiven the cross-sectoral nature of trade, the proposed facility, while leveraging Bank One\u2019s footprint, is expected to enhance the African Development Bank\u2019s efforts to integrate Africa and improve the quality of life for the African people,\u201d said Lamin Drammeh, the Bank\u2019s Head of Trade Finance, commenting on the approval.<\/p>\n<p>The African Development Bank\u2019s Deputy Director General for Southern Africa, Kennedy Mbekeani, whose responsibilities also cover Mauritius, added: \u201cThis approval affirms the Bank\u2019s support for financial integration as a cornerstone for the development of the private sector across the continent.<\/p>\n<p>\u201d The African Development Bank estimates Africa&#8217;s annual trade finance gap to be around $81 billion. Compared to multinationals and large local corporates, SMEs and other domestic firms have greater difficulty accessing trade finance.<\/p>\n<p>The transaction guarantee and risk participation agreement are some of the strategic tools that the African Development Bank is employing to help reduce the continent\u2019s trade finance gap.<\/p>\n<p>About Bank One: Bank One is a top-tier banking institution incorporated in 2008 in Mauritius. It is jointly owned by Kenya-based I&amp;M Group PLC and Mauritian conglomerate CIEL Ltd.<\/p>\n<p>Bank One leverages the strong presence of its two equal shareholders to position itself as a leading Mauritian and regional banking force with continental and global reach.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/mauritius\">Mauritius<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Mauritius. The Board of Directors of the African Development Bank Group has approved a $40 million Trade Finance Package in favor of Bank One Limited of Mauritius. The financial package comprises a $25 million Risk Participation Agreement and a $15 million Transaction Guarantee. The transaction guarantee facility will allow the Bank to provide, [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":24587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8],"tags":[233,245,373,241],"class_list":["post-24588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","tag-africa-press","tag-africa-press-mauritius","tag-bank","tag-mauritius"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>African Development Bank approves $40 million Trade Finance Package to Bank One Limited Mauritius - Mauritius<\/title>\n<meta name=\"description\" content=\"The Board of Directors of the African Development Bank Group has approved a $40 million 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