The partnership aims to strengthen the capacity of African banks to finance international trade and support small and medium-sized enterprises (SMEs).
The agreement will enable Bank of Africa SA to expand its financing and confirmation lines with foreign correspondent banks. This, in turn, will facilitate trade finance for SMEs operating in various sectors, including agriculture, pharmaceuticals, automotive, transport, and telecommunications.
By sharing risks, the AfDB and Bank of Africa SA aim to unlock the potential of African businesses and contribute to the continent’s economic growth and development. The partnership underscores the importance of collaboration between financial institutions in driving Africa’s economic transformation.
TE/lb/abj/APA