International Finance Corporation , Absa Partner To Boost Trade Finance in Sub-Saharan Africa
The International Finance Corporation (IFC) has welcomed South African financial services provider Absa Bank to its Global Trade Liquidity Program (GTLP) to boost access to trade finance in sub-Saharan Africa, especially in low-income and fragile countries.
Through a combined investment of $250-million, the IFC and Absa will channel credit to a portfolio of trade transactions that is expected to facilitate up to $1.6-billion in trade over the next three years.
The financing will support Absa’s commitment to increase the accessibility of trade finance, with about 80% of financing expected to go to low-income and fragile countries.
Photo courtesy of Simon Berry.