The European Investment Bank (EIB), through its new development finance arm, EIB Global, will provide the Trade and Development Bank (TBD) with a US$200 million trade finance facility, which will support up to US$400 million dollars in new private sector investment, including by corporations.
Thomas Ostros, vice president of Eib who yesterday in Nairobi, Kenya, signed the agreement with Admassu Tadesse, president emeritus and managing director of the Tdb group, on the occasion of the Eu-Kenya business forum, which ends today, defined this operation “the largest cooperation ever between the EIB and Tdb”.
During a press conference on the sidelines of the signing Ostros said that thanks to the agreement “companies and entrepreneurs from the entire region served by Tdb will be able to access working capital, supply chain financing and loans for investments”. A potential that, as recalled by Admassu Tadesse, has its roots in the more than ten years of collaboration between Tdb and Eib: “Today’s credit line focused on commercial finance will be available both directly from Tdb and through our local financial partners and will contribute to address business investment challenges that hinder growth and job creation. Tdb, Tadesse specified, “plays a vital role in addressing the trade finance gap and supply chain disruptions in the region and, in addition to the above, this credit line will enhance our ability to promote inter-regional and intra-regional trade and regional integration, in line with our mandate”.
With this instrument, over the last decade Eib has provided nearly half a billion dollars in targeted financing to companies managed by Tdb, owned by 45 sovereign and institutional shareholders from Africa and beyond. [Dal nostro inviata a Nairobi]
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