British⁣ International Investment and Absa Group Partner to Support African Businesses

British International Investment (BII), a leading development finance and impact investing organization, has announced⁢ a⁤ strategic partnership with the Absa Group, a⁤ prominent South‍ African​ bank ‍listed on the Johannesburg Stock ⁤Exchange.

The partnership⁤ aims to address the significant trade​ financing gap in Africa, estimated to be between $100 and $120 billion. To achieve this, BII and Absa have established a⁢ commercial​ facility of $150 million, equivalent to 90.4 billion FCFA, to support African commercial businesses.

The agreement was signed‍ during⁢ the annual meetings of the International Monetary Fund (IMF)⁣ and the​ World Bank, held in Washington​ between October 21 and 26. Nick‌ O’Donohoe, CEO ⁤of BII, and Charles Russon, interim CEO of Absa, formalized the partnership in the presence of Anneliese Dodds, British‌ Development ‍Minister.

This initiative demonstrates the commitment of both organizations to promoting sustainable and inclusive economic growth in​ Africa.⁤ Since 2019, ‍the collaboration between‍ BII and ⁣Absa has already ⁣provided essential⁣ trade liquidity to countries such as Ghana, ‍Nigeria, ​Kenya, ⁤Uganda, Tanzania, and Mozambique, supporting trade of‌ over $1​ billion.

The⁢ new facility ​will build on these achievements to provide vital funding to businesses ⁤across the continent, with an emphasis​ on sustainability ⁣and inclusion. Sectors targeted include agriculture, consumer packaged‍ goods, and ‍healthcare, with a focus on supporting⁢ under-represented ‌groups, including small and medium-sized businesses, particularly those led by women and young people.

Admir Imami, Head of ⁣Trade and Supply Chain Finance⁢ at BII, stated, “We are delighted to continue our partnership with Absa, which is‌ based on a shared ‌ambition to promote inclusive economic development, particularly for groups that are not adequately served. This facility combines BII’s ​experience‌ in Africa with Absa’s expertise, facilitating ​access to commercial finance‌ for African companies and‍ improving the flow⁢ of essential goods, particularly ⁤food.”

Charles Russon, interim CEO of Absa, added, “Our ‌extensive presence on ⁢the‍ continent, together with our global ​reach, allows ‌us​ to facilitate the flow of capital and commercial ⁣finance necessary for ⁤the ‌development and competitiveness of African businesses on the international stage. We are committed to driving sustainable growth and creating new opportunities in emerging markets, thereby contributing to the overall development of Africa’s economic⁣ ecosystem.”