Browsing: African Development Bank Group (AfDB)

AFRODAD

Africa’s external debt hits $1.13 trillion on expensive loans

Banking

The tightening of monetary policies in the US and Europe has had spillover effects on African markets. The challenging economic landscape has impacted interest rates and led to rising costs of debt servicing. As such, the African development bank has warned that Africa’s external debt could rise to $1.13 trillion this year from $1.1 trillion in 2022.…

AfDB President Dr Akinwumi A. Adesina. The US wanted Adesina out of the multilateral development finance institution which has an 80-country membership. www.theexchange.africa

AfDB to the aid of Burundi’s firms keen on exports, imports

Countries
  • African Development Bank Group (AfDB) has approved a trade finance guarantee to Banque Commerciale Du Burundi (Bancobu) to support Small and Medium Sized Enterprises (SMEs) and local corporates involved in import and export trade.
  • The Bank will provide a guarantee to Confirming Banks for the non-payment risk arising from the confirmation of letters of credit and similar trade finance instruments issued by Bancobu.
  • This facility will support the importation of critical inputs such as fertilizer, pharmaceuticals, solar energy panels, farm machinery and other intermediate goods that Burundi needs to revive its agriculture and manufacturing sectors.

Small and Medium Enterprises engaged in import and export businesses in Burundi can now look forward to enhancing their operations after the African Development Bank Group (AfDB) approved a trade finance guarantee deal for Banque Commerciale Du Burundi (Bancobu).

Following the agreement, Bancobu will provide a guarantee to confirming banks for the non-payment risk arising …