Ecommerce platform Tradeshift has announced it is working with Raindew Trade, an Africa-focused supply chain finance provider, to provide working capital to firms struggling with the disruption caused by Covid-19. Denmark-headquartered Tradeshift says the US$1.5bn Instant Supplier Payment Scheme will be available to businesses in South Africa and other selected
Trade Finance
African Development Bank joins World Trade Organisation (WTO) and other Multilateral Development Banks (MDB)s to support trade finance amid COVID-19 crisis
The African Development Bank Group (www.AfDB.org) has joined the World Trade Organisation and other multilateral development banks to reduce trade finance gaps that emerge as a result of the COVID-19 pandemic. In a joint press release issued 1 July 2020, the institutions said they would prioritize their support to areas in the
CDC, Société Générale take on Africa’s trade finance gap with US$100mn facility
CDC Group is continuing to target Africa’s vast trade finance gap, announcing that a new US$100mn risk sharing facility has been agreed with Société Générale. London-headquartered CDC, a publicly funded development finance institution, says the deal will bolster trade finance offerings “in hard-to-reach African markets”, increasing access to capital for
CDC Group and Societe Generale combine forces to boost African trade with a US $100 million risk sharing facility
CDC Group plc (“CDC”), the UK’s publicly owned impact investor, has closed a US $100 million trade finance risk sharing facility with Societe Generale. The facility will support Societe Generale to increase the limits that it currently provides to local banks and extend limits to new banks in Africa, particularly
IFC supports Standard Bank of South Africa to help it expand lending to SME’s during Covid-19
Johannesburg, South Africa, June 30, 2020— IFC, a member of the World Bank Group, today announced a $185 million loan to The Standard Bank of South Africa Limited (SBSA) to help it expand its COVID-19 lending program to small and medium-sized enterprises (SMEs) and corporates affected by the pandemic. IFC’s
Cocobod refutes claims that banks are reluctant to raise annual syndicated loan
The Ghana Cocoa Board (Cocobod) has fired back at a report claiming that banks are refusing to underwrite the risk for its annual billion-dollar syndicated loan over Covid-19 uncertainty, saying it is “simply not accurate”. Joseph Aidoo, chief executive of Cocobod, says the report, which suggests that Cocobod’s financial partners
SwedFund injects Sh600m for SMEs
Kenya-based microfinance venture, Platcorp has secured a Sh600 million (5 million Euros) loan from the Swedish Development Finance Institution (Swedfund) for onward lending to small and medium sized enterprises (SMEs) in the region. Swedfund chief executive officer Maria Håkansson said the funds will help Platcorp boost credit access to private
