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Company News of Saturday, April 27, 2019
Source: Myjoyonline.com
2019-04-27
The African Development Bank is a regional multilateral development bank
The African Development Bank (ADB) has signed a $ 50 million risk-sharing agreement with investment and corporate bank Natixis.
The 50/50 risk-sharing agreement covers a portfolio of commercial transactions totaling $ 100 million, which will support $ 600 million worth of commercial transactions in Africa over the next three years.
"This historic agreement not only allows us to better support our customers in Africa, but also strengthens the strategic relationship that we are privileged to develop with the African Development Bank," said Marc Jaskowiak, Natixis' senior banker, who said signed the agreement.
The APR will meet the growing demand for trade finance in African markets in key economic sectors such as agribusiness, health, services and industry.
In addition, it will promote diversification of the economy, generating growth, jobs and additional tax revenues for several African states.
The agreement will notably benefit African commercial banks and SMEs on the continent by guaranteeing them better access to financing for their foreign trade operations.
"The signing is important because it reflects our desire to develop financial partnerships with strong non-regional banks, boost trade finance in Africa and further support intra-African trade, as outlined in our trade finance program. approved in 2018, "said ADB Director of Financial Sector Development, Stefan Nalletamby.
"This agreement will allow us to extend our support to African SMEs, but also to local banks in French-speaking countries and some countries in transition."
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