Development lender British International Investment said on Monday it had agreed a $100 million finance facility with the Eastern and Southern African Trade and Development Bank (TDB) to boost trade finance, farming and food security in the region.
Britain's Minister of State for Development and Africa Andrew Mitchell leaves 10 Downing Street after a Cabinet meeting in London, Britain, January 23, 2024.
Providing more capital to help bolster trade finance in the region is important as many international lenders have pulled back from offering it, leading to a finance gap of up to $120 billion a year, African Development Bank research "This investment underscores the UK government's commitment to supporting economic and agricultural development across Africa," said Andrew Mitchell, Britain's Minister for Development and Africa.
The financing facility with TDB is the fourth of its kind to be struck with the lender and would help the bank address supply chain disruptions and forex shortages, said Admassu Tadesse, TDB Group President and Managing Director.
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