The Trade and Development Bank (TDB), an important African financial institution, has teamed up with the British International Investment (BII), the UK’s development finance group, to launch a new $100 million fund.
The goal of this fund is to strengthen Africa’s economy, support the growth of agriculture, and tackle food security challenges across the continent. It will do this by providing much-needed financing for trade activities.
This partnership comes at a crucial time, as many African countries are facing problems like high inflation, weakening currencies, and rising debt levels. These issues have been made worse by global events like the Russia-Ukraine conflict.”
This investment shows the UK government’s commitment to supporting economic and agricultural development in Africa,” said Andrew Mitchell, the UK’s Minister for Development and Africa. “The funding will help businesses expand, access resources, and tackle food security concerns.”
The TDB has over $5 billion in assets and has a long history of financing trade, promoting sustainable growth, and encouraging regional cooperation in Africa. It does this through trade financing, project financing, asset management, and business advisory services.”
TDB has played a crucial role in trade finance, helping ensure the supply of important agricultural and healthcare products,” said Admassu Tadesse, the TDB’s President and Managing Director. “This is our fourth facility with BII, and we’re happy to continue building this partnership to address ongoing challenges and improve food security.”
The collaboration between TDB and BII reflects their shared goal of empowering key economic sectors, especially small and medium-sized businesses, to drive inclusive growth in Africa.”
Our work with TDB shows our commitment to building resilient economies across Africa,” said Seema Dhanani, the head of BII’s Kenya office. “This partnership provides much-needed funding and increases access to finance.”
This new initiative builds on TDB’s growing relationships with financial institutions, which are seen as crucial partners in boosting trade and addressing the major trade finance gap of up to $120 billion per year in Africa, as found by the African Development Bank.
By channeling these funds into trade, agriculture, and food security, TDB and BII hope to play a vital role in strengthening Africa’s economic resilience, promoting regional integration, and improving lives across the continent.
