In a strategic move to bolster economic resilience in Africa, The Trade and Development Bank (TDB) has secured a significant funding boost of $100 million from British International Investment (BII), the UK’s development finance division.
With assets exceeding $5 billion, TDB has established itself as a key player in financing African trade, sustainable growth, and regional integration. This latest injection of funds is aimed at enhancing agricultural development and addressing food security concerns through vital trade finance initiatives.
According to Andrew Mitchell, the UK’s Minister of State for Development and Africa, this investment reflects the UK Government’s commitment to fostering economic and agricultural growth in Africa. It is anticipated to reduce trade barriers, facilitate resource access for businesses, and contribute to tackling food security challenges.
The collaboration between BII and TDB underscores their joint objective of empowering key economic sectors, particularly small and medium-sized enterprises (SMEs), to drive inclusive growth across Africa. Amidst challenges such as inflation, currency depreciation, and debt exacerbated by international conflicts like the Russia-Ukraine dispute, this partnership emerges as a strategic move.
Seema Dhanani, head of BII’s Kenya office, emphasized their commitment to strengthening African economies and broadening financial access through the partnership with TDB.
Admassu Tadesse, President and Managing Director of TDB Group, expressed gratitude for the opportunity to extend their strategic alliance with BII. He highlighted their shared commitment to addressing challenges and enhancing food security across the region.
This collaboration between TDB and BII signifies a concerted effort to fortify Africa’s economic resilience, create investment opportunities, and contribute to sustainable growth. As Africa navigates its development journey, partnerships like these are essential for fostering long-term prosperity and resilience.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
3rd April, 2024
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