African Development Bank approves multinational trade finance risk participation agreement for Standard Chartered Bank

African Development Bank approves multinational trade finance risk participation agreement for Standard Chartered Bank

Media Contact:Amba Mpoke-BiggCommunication and External Relations DepartmentAfrican Development Bankemail: a.mpoke-bigg@afdb.org Distributed by APO Group on behalf of African Development Bank Group (AfDB). Technical Contacts:Bleming Nekatib.nekati@afdb.org

The Director General of the Bank’s Southern Africa region, Leila Mokadem, added: “The advent of Covid-19, coupled with stringent regulatory/capital requirements and Know Your Customer( KYC) compliance enforcement, has seen many global banks reduce their correspondent banking relationships in Africa, while some are exiting the market altogether. There is therefore an urgent need for financing to reenergize Africa’s trade, which requires more participation of institutions like the African Development Bank.” The African Development Bank estimates the trade finance gap in 2019 for the African continent at $81 billion. Compared to multinational corporates and large local corporates, SMEs and other domestic firms have greater difficulty accessing trade finance.

The Risk Participation Agreement facility is aligned with the African Development Bank’s High 5 priority goals: (i) Light up and power Africa; (ii) Feed Africa; (iii) Industrialize Africa; (iv) Integrate Africa; and (v) Improve the quality of life for the people of Africa. Speaking soon after the Board approval, the Bank’s Director for Financial Sector Development, Stefan Nalletamby, stated: “We are excited about finalizing this facility with Standard Chartered Bank as it offers us the flexibility to use our strong AAA-rated risk-bearing capacity to increase access to trade finance and boost intra/extra- African trade on the continent, in support of the AfCFTA. This partnership is expected to catalyze more than $600 million in value of trade finance transactions across multi-sectors such as agriculture, manufacturing and energy over the next three years.”

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About the African Development Bank Group:The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (ADB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). With country offices in 34 African countries and an external office in Japan, the AfDB contributes to the economic development and social progress of all its 54 regional member states in Africa. For more information: http://AfDB.org/

About Standard Chartered Bank:Standard Chartered Bank is a leading international banking group incorporated in England and Wales with limited liability and listed on the London, Hong Kong and Mumbai stock exchanges. It is headquartered in London and strategically focused on Asia, Africa and the Middle East. Standard Chartered Bank has a deep-rooted heritage of over 160 years in Africa and is recognized as a leading provider of trade finance on the continent, with 15 subsidiaries and over 200 correspondent banking relationships. Its long-term ratings are A1 (Moody’s), A+ (Fitch) and A (S&P). For further information, visit http://SC.com Bernard Muhatib.muhati@afdb.org

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