…The renewed facility will cover an expanded number of dynamic markets and seek to provide much needed support in trade and economic growth in Africa and South Asia
…The facility also supports the United Nations’ Sustainable Development Goals of Decent Work & Economic Growth (UN SDG 8), Industry Innovation & infrastructure (UN SDG 9), Responsible Consumption & Production (UN SDG 12)
TUE NOV 05 2024-theGBJournal| Standard Chartered, a leading international cross-border bank, and British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announce the signing of a USD350 million risk participation agreement.
This facility aims to bolster the trade finance needs of SMEs and corporates across Africa and South Asia and to boost economic growth in these regions.
Since the initial agreement in 2013, Standard Chartered and British International Investment have enabled over USD10 billion in trade volumes in over 10 countries across Africa and South Asia including Kenya, Tanzania, Nigeria, Bangladesh, Pakistan and Nepal. In the past year, approximately USD450 million of trade has been supported via this facility.
BII CEO, Nick O’Donohoe, said BII is proud of the positive impact that this long-standing trade finance facility with Standard Chartered has had in Africa and South Asia.
”By enabling over $10bn in trade volumes, the facility continues to empower businesses and facilitate the vital flow of essential goods and services including food and healthcare. This is pivotal in supporting economic growth and creating new opportunities in these regions. It is also a step closer to narrowing the global trade finance gap.”
The renewed facility will cover an expanded number of dynamic markets and seek to provide much needed support in trade and economic growth in Africa and South Asia by further enabling trade finance access and liquidity across Standard Chartered’s extensive global network.
”This strategic agreement will provide significant support to businesses with high potential but constrained access to finance. It aligns to our vision of the role that banking and finance can play in supporting the growth ambitions of corporations that innovate for the future by connecting the world’s most dynamic markets in trade, investment and capital flows, said Saif Malik, CEO, UK and Head of Banking & Coverage, UK, Standard Chartered.
He said also that they thrilled to renew the commitment to work with BII in support of trade.
”As a leading international banking group, we play a vital role in enhancing access to the capital and liquidity that is essential for global trade.”
The finance will support many sectors such as food, agriculture, healthcare, industrials, metals infrastructure, electrical, electronics, technology, telecom and mobility to name a few.
The facility also supports the United Nations’ Sustainable Development Goals of Decent Work & Economic Growth (UN SDG 8), Industry Innovation & infrastructure (UN SDG 9), Responsible Consumption & Production (UN SDG 12).
“I am delighted to see BII and Standard Chartered renew their facility to deliver trade finance throughout Africa and South Asia. This is an important partnership that will support SMEs and corporates to grow and deliver critical goods and services. Trade plays an important role in economic transformation, and this risk-sharing facility demonstrates how BII can work with financial institutions to support our shared development objectives,” The UK’s Development Minister Anneliese Dodds said while commenting on the agreement.
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