Image source: AIF2024
The African Development Forum in 2024 was an absolute success for involved stakeholders and Africa in general. Part of AIF2024’s achievements is AFDB’s deal with Bank of Africa SA, where the two banks signed a €50 Million risk-sharing deal to support SME development and boost African trade.
Signed on Dec 4th, the deal allows the Bank of Africa SA the capability to support Africa’s local banks during their international projects. As a result, local enterprises can get a financial boost on top of the confirmation lines with their foreign correspondents.
AFDB’s and Bank of Africa SA’s partnership aims to collect over €200 Million for SMEs in over 20 countries. Additionally, the plan aims to fully finance companies in the agriculture, pharmaceutical, automotive, transport, and telecommunications sectors.
According to Bank of Africa SA’s Executive Director in charge of Morocco & CIB, Khalid Nasr, “We are delighted to deliver this new strategic partnership with the African Development Bank, a key step in our commitment to promote African foreign trade. This risk-sharing agreement will facilitate access to finance for African SMEs, thus offering them new growth prospects.”
The risk-sharing deal was part of the multiple deals signed during the two African Invest Forum Market Days. Also, the AIF2024 raised $29.2 Billion in Investment Interest, a Sign of the Continent’s Growing Economic Potential.
It provides a future framework for Africa’s business environment, where AFDB and stakeholders aim to transform the continent as an investment hub in key sectors like agriculture and green energy.
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