A significant move for African trade and food security as the UK’s Development Finance Institution (DFI), British International Investment (BII), in collaboration with impact investor, announces a $100 million finance facility with the Eastern and Southern African Trade and Development Bank (TDB).
The investment aims to fortify economic resilience by supporting vital trade finance activities and promoting agricultural development, crucial in tackling food insecurity across the region.
BII emphasized that the facility will enable TDB to extend financial assistance to local businesses and financial institutions across key African markets, addressing critical challenges and fostering economic growth.
In light of this initiative, Minister for Development and Africa, Andrew Mitchell, highlighted the UK government’s dedication to fostering economic and agricultural development in Africa. Mitchell stressed the importance of reducing trade barriers, enabling businesses to expand into global markets, and enhancing food security measures.
Seema Dhanani, Head of Office, Kenya, and Coverage Director, East Africa at BII, emphasized the institution’s longstanding commitment to supporting resilient economies and communities across Africa. Dhanani underscored ongoing efforts to deepen capital markets and promote innovation on the continent, with TDB playing a crucial role in providing liquidity and expanding access to finance.
Admassu Tadesse, Group President and Managing Director of TDB, highlighted the institution’s pivotal role in the trade finance landscape, particularly in ensuring the supply of essential commodities such as agriculture and healthcare products. Tadesse expressed satisfaction in continuing the strategic partnership with BII, emphasizing the importance of addressing supply chain disruptions and foreign exchange shortages to bolster food security in Africa.
