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Abuja, Nigeria – The African Development Bank, through its trade finance operations, and Afreximbank, last week signed a grant agreement to support the development of factoring (a form of debtor financing in which a company sells its accounts receivable). to a third party (called factor) with a discount) on the mainland
This is a big step forward towards the unceasing determination of both institutions and their commitment to continue to allow extra-trade African and Intra-African
. The Private Sector Assistance (FAPA), organized by the African Development Bank, will invest US $ 500,000 for a total amount of US $ 950,000. This investment aims to fund the capacity building of a number of identified emerging factoring companies, advisory support among established factoring companies and the development of a platform. of knowledge and sustainable learning to support factoring on the African continent. Afreximbank will contribute US $ 450,000 to the Technical Assistance Project
Representing the African Development Bank, Senior Director in charge of the Country Department of Nigeria, Ebrima FAAL stressed the need for DFIs to continue to play their role of catalyst to strengthen Africa's capacity. financially support its SMEs to meet the demands of regional and global importers / exporters who are trading in an open account.
"Given the multi-sectoral impact of factoring in support of agricultural, manufacturing, telecoms, and power generation businesses, the partnership with AfreximBank is consistent with our strategic direction as represented by the High 5, namely: integrate Africa, feed Africa, enlighten Africa, industrialize Africa and improve the standard of living of African people, "said FAAL
Abuja occupies a special place in the history of Afreximbank as it is where, along with other African governments and key institutions of the private sector, the Bank has helped to shed the foundations for the establishment of this institution in 1993. With a mandate to stimulate the expansion, diversification and development of African trade, Afreximbank remains an important partner of the Bank in its commitment to improve the standard of living African populations through strategic and impactful trade financing instruments such as factoring.
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