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Absa Bank, China Devt Bank Complete $100m Deal for SMEs Absa Bank, China Devt Bank Complete $100m Deal for SMEs

Economy

Absa Bank, China Devt Bank Complete $100m Deal for SMEs

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By Dipo Olowookere

A deal worth $100 million has been completed by Absa Bank Limited and the China Development Bank (CDB).

This is the first major transaction between the two lenders and is geared towards providing funding to Small and Medium Enterprises (SMEs)

Information made available to us reveals that Absa Bank Limited, a subsidiary of the Barclays Africa Group (BAGL), will have the opportunity to access the five-year $100 million funding support within BAGL’s operations.

This will also benefit BAGL’s existing and prospective SME clients across the continent, which will be reached through its 12-country presence.

The initial drawdown is based on Absa’s current funding needs, and may be increased in the future to assist with new funding opportunities within BAGL’s operations.

“We are glad to partner with CDB on this landmark transaction, which also echoes the 2017 BRICS theme, ‘Stronger Partnership for a Brighter Future’,” said Craig Bond, Head: Partnerships, Joint Ventures and Strategic Alliances at Barclays Africa Group Limited.

China Development Bank, one of the biggest lenders in Africa, was founded in 1994 as a development financial institution under the leadership of China’s State Council.

The bank has assets of circa $2 trillion, and is the world’s largest development finance institution.

Furthermore, CDB is the largest Chinese bank for foreign investment and financing co-operation, long-term lending and bond issuance.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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