Absa Secures $150 Million Trade-Financing Facility From UK Body
- African lender inks deal with British International Investment
- Funds to be allocated to small and medium sized African firms
This article is for subscribers only.
South African lender Absa Group Ltd. secured a $150 million trade financing facility with the UK’s development finance arm to boost small businesses in the continent.
The deal with British International Investment Plc aims to help ease the trade financing gap in Africa estimated at between $100 billion and $120 billion. The funds will be used to provide liquidity to small- and medium-sized businesses in Africa in sectors such as agriculture and health care, said Mosa Tshabalala, Absa’s head of fixed income trade sales.