CDC Group is expanding its trade finance offerings in Africa, lending US$100mn to South African bank Absa and establishing a US$75mn risk-sharing facility with the Eastern and Southern African Trade and Development Bank (TDB). London-headquartered CDC, the UK’s development finance institution, says the two agreements are aimed at tackling the

Absa has signed a deal with the Multilateral Investment Guarantee Agency (Miga) which will enable it to reduce the regulatory risk weighting of mandatory reserves held by its subsidiaries across sub-Saharan Africa, thus freeing up lending capacity. Absa’s subsidiaries outside of South Africa are required to maintain reserves at the

Global insurer Chubb has made a US$10mn equity investment in the African Trade Insurance Agency (ATI), becoming the first global property and casualty insurer to invest in the multilateral political risk and credit insurance agency. ATI supports trade and investment in African member state nations by offering complete risk solutions,

The International Islamic Trade Finance Corporation (ITFC) has committed to a credit facility agreement worth US$100mn with the African Export-Import Bank (Afreximbank). Afreximbank’s president Benedict Oramah and ITFC CEO Hani Sombol signed off on the deal at the Investment in Africa forum in Egypt over the weekend. It is hoped

The US Export-Import Bank (US Exim) faces a crunch vote in the US senate this week, with the bank’s authorisation set to expire on Thursday. After a four-year hiatus caused by political deadlock in congress, the US export credit agency regained its full lending powers when it was reauthorised in May.

Absa and the African Development Bank (AfDB) have signed an unfunded US$250mn risk participation agreement (RPA) to address the trade finance gap in Africa. The three-year facility, originally approved by the two parties last year, was finalised on November 12 on the sidelines of the AfDB’s Africa Investment Form, and will see

Absa Bank plans to scale up its business by opening offices across the world, including in New York to help US companies expand into Africa. The US representative office is expected to be operational by the end of the year. It follows Absa opening a London office in September and the bank