February 26

Afdb Grants $7 Million Trade Finance Guarantee to Access Bank DRC to Support SMEs

by Fabio Scala

On 20 February 2024, the Board of Directors of the African Development Bank Group ( approved a $7 million trade finance guarantee facility grant to Access Bank DR Congo.

The African Development Bank will now be able to provide up to a 100% guarantee to confirming banks for the non-payment risk from the confirmation of letters of credit and similar trade finance instruments issued by Access Bank DR Congo for the benefit of small and medium-sized enterprises (SMEs) and local businesses. Over the next three years, the Bank will also support the import of essential goods and various inputs in such key economic sectors as health and agriculture, as well as $40 million in trade.

Photo courtesy of Jasmine Halki.

Source: Further Africa (link opens in a new window)

international trade, lending, MSMEs