AfDB approves US$175m agreement facility with TDB to trade in Africa

AFRICA – The African Development Bank (AfDB) has approved a US$175 million Trade Finance Funded Risk Participation Agreement facility between the African Development Bank and Trade & Development Bank (TDB). The agreement is expected to boost intra-Africa trade, promote regional integration, and reduce the trade finance gap in Africa. The Bank will provide liquidity of up to 50% (the other…

Read More

Kenya to host first trade facilitation summit in East Africa organised by KenTrade

KENYA – Kenya is set to host the first trade facilitation summit in the East African region organised by the Kenya Trade Network Agency (KenTrade), as the country seeks to increase international trade. The one-day summit themed “Re-imagining Trade Facilitation in an era of Technology” is as part of its 10 years of trade facilitation celebrations. According to KenTrade’s Chief…

Read More

EBRD partners with QNB ALAHLI to accelerate trade finance digitalisation in Egypt

EGYPT – The European Bank for Reconstruction and Development (EBRD) has partnered with QNB ALAHLI to accelerate the digital transition of trade finance. EBRD achieved the transformation by facilitating three test letters of credit on the digital trade finance network Contour The trial took place with QNB ALAHLI, one of Egypt’s largest commercial banks, acting as issuing bank and the CargoX Platform…

Read More

Kenya and Uganda strike deal to ease cargo movement and clear truck snarl-up at Malaba border

KENYA – The governments of Kenya and Ugandan have resolved to suspend truck scanning at Malaba-Kenya in a bid to clear a 40-kilometer traffic snarl-up that has slowed down the movement of trucks to Uganda. Kenya’s Transport Cabinet Secretary James Macharia, his Ugandan counterpart Katumba Wamala and Uganda’s State Minister for Trade Harriet Ntabazi on Saturday spearheaded the meeting that…

Read More

Egypt selected as chair for COMESA, pledges to deepen intra-trade opportunities

EGYPT – Egypt is the new Chair of the COMESA Heads of State and Authority after taking over from Madagascar that has been steering the organization since 2016. The exchange of power took place in Cairo, Egypt, during the 21st Summit of the COMESA Authority of Heads of State and Governments. Egypt last hosted the COMESA Summit in 2001. The…

Read More

IFC partners with Absa to boost trade finance in Sub-Saharan Africa

SUB-SAHARAN AFRICA – The International Finance Corporation (IFC), HAS welcomed 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, supporting a vital driver of growth that has been strained by the COVID-19 pandemic. Through a combined investment of US$250 million, IFC and Absa Bank,…

Read More

Tanzania ratifies Africa free trade area treaty

TANZANIA – The government of Tanzania has ratified the agreement establishing the African Continental Free Trade Area (AfCFTA), joining a pact connecting countries with a total gross domestic product of US$3.4 trillion. AfCFTA was first opened for signing in April 2018 but came into application in 2019 after the requisite minimum of 21 of the 55 member states ratified it.…

Read More

IFC partners BMCE Bank to support cross-border trade in Africa

MOROCCO – The International Finance Corporation (IFC), a member of World Bank, and BMCE Bank International Plc UK announced a partnership designed to support cross-border trade in Africa and prevent shortages of essential goods, including grains and building materials, amid the COVID-19 crisis. IFC will enter into a risk-sharing facility with BMCE Bank International Plc UK, a leading regional lender,…

Read More

Kenya joins USTDA’s Global Procurement Initiative

KENYA – The U.S. Trade and Development Agency (USTDA) has welcomed Kenya as its 14th partner under the Global Procurement Initiative (GPI): Understanding Best Value. Under this partnership, USTDA will train public procurement officials to obtain the greatest value for money for Kenya’s public infrastructure investments.  Kenya’s induction into the GPI was formalized through the signing of a Memorandum of…

Read More