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AfDB Approves $50m Trade Facility For Standard Chartered Bank - The Revealer
Banking and Finance

AfDB Approves $50m Trade Facility For Standard Chartered Bank

The African Development Bank (AfDB) has approved a $50 million Multinational Trade Finance Risk Participation Agreement facility for Standard Chartered Bank aimed at boosting intra-African trade.

The Board of Directors of the African Development Bank Goup in a disclosure said “the agreement is expected to boost intra-Africa trade, promote regional integration, and contribute to the reduction of the trade finance gap in Africa, in line with implementation aspirations of the African Continental Free Trade Area (AfCFTA).”

According to details of the deal, both parties will share the default risk on a portfolio of eligible trade transactions originated by African Issuing Banks and indemnified by Standard Chartered Bank. Beneficiaries of this facility are issuing banks in Africa whose ability to grow their trade finance business has been constrained by inadequate trade confirmation lines from international banks, as well as small and medium enterprises (SMEs) and domestic firms who rely on these issuing banks to fulfil their trade finance commitments.

The agreement was signed on Wednesday, 8 September 2021.

Speaking following the approval, the Bank’s Director for Financial Sector Development, Stefan Nalletamby, stated: “We are excited about finalizing this facility with Standard Chartered Bank as it offers us the flexibility to use our strong AAA-rated risk-bearing capacity to increase access to trade finance and boost intro/extra- African trade on the continent, in support of the AfCFTA. This partnership is expected to catalyze more than $600 million in value of trade finance transactions across multi-sectors such as agriculture, manufacturing and energy over the next three years.”

The AfDB estimates the trade finance gap in 2019 for the African continent at $81 billion. Compared to multinational corporates and large local corporates, SMEs and other domestic firms have greater difficulty accessing trade finance.

The Director-General of the Bank’s Southern Africa region, Leila Mokadem, added: “The advent of Covid-19, coupled with stringent regulatory/capital requirements and Know Your Customer( KYC) compliance enforcement, has seen many global banks reduce their correspondent banking relationships in Africa, while some are exiting the market altogether. There is, therefore, an urgent need for financing to reenergize Africa’s trade, which requires more participation of institutions like the African Development Bank.”

The Risk Participation Agreement facility is aligned with the African Development Bank’s High 5 priority goals: (i) Light up and power Africa; (ii) Feed Africa; (iii) Industrialize Africa; (iv) Integrate Africa; and (v) Improve the quality of life for the people of Africa.

Standard Chartered Bank is a leading international banking group incorporated in England and Wales with limited liability and listed on the London, Hong Kong and Mumbai stock exchanges. It is headquartered in London and strategically focused on Asia, Africa and the Middle East.

Standard Chartered Bank has a deep-rooted heritage of over 160 years in Africa and is recognized as a leading provider of trade finance on the continent, with 15 subsidiaries and over 200 correspondent banking relationships. Its long-term ratings are A1 (Moody’s), A+ (Fitch) and A (S&P).

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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