Finance

African Development Bank Signs $50Million Agreement with Natixis To Boost Trade Finance in Africa

Friday, 26 April 2019 12:15
African Development Bank Signs $50Million Agreement with Natixis To Boost Trade Finance in Africa

(AfDB ) - The African Development Bank on Wednesday April 24, 2019 signed a US$50 million risk participation agreement (APR) with investment and corporate bank Natixis.

The 50/50 risk-sharing agreement covers a portfolio of commercial transactions totaling US$100 million, which will support commercial operations worth US$600 million in Africa over the next three years.

"This historic agreement allows us not only to better support our clients in Africa, but also to further strengthen the strategic relationship that we have the privilege of developing with the African Development Bank," said Marc Jaskowiak, Senior Banker representing Natixis, who signed the agreement.

The RPA will meet the growing demand of African markets for trade finance in key economic sectors such as agribusiness, health, services and industry. In addition, it will promote the diversification of the economy, generating growth, jobs and additional tax revenues for several African states. The agreement will notably benefit African commercial banks as well as SMEs on the continent, by guaranteeing them better access to financing for their foreign trade operations.

"Today's signing is important as it responds to our desire to develop financial partnerships with strong non-regional banks, to boost trade finance in Africa and further support intra-African trade, as outlined in our Trade Finance Program endorsed in 2018," said African Development Bank Director of Financial Sector Development, Stefan Nalletamby. "This agreement will allow us to extend our support to African SMEs, but also to local banks in French-speaking countries and some transition states."

About Natixis

Natixis is the international financing institution, investment, asset management, insurance and financial services division of Groupe BPCE, the second-largest banking group in France, with 31 million customers through its two networks, Banque Populaire and Caisse d’Epargne. Natixis has expertise in four business areas: Asset and Wealth Management; Corporate and Investment Banking; Insurance; and specialized financial services. It supports its financial institutions and institutional investors’ clienteles around the world, as well as the individual, professional and SME clients of Groupe BPCE’s two networks.

About the African Development Bank Group

The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.afdb.org

34751 African Development Bank Signs



 
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