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Redazione -
The African Development Bank, through its Trade Finance operations, and Afreximbank today signed a Grant Agreement
to support the development of factoring (a form of debtor finance in which a business sells its
accounts receivable (invoices) to a third party (called a factor) at a discount) on the continent.
This is a big step towards both institutions’ unrelenting drive and commitment to continue
enabling extra and intra-Africa Trade.
The Fund for African Private Sector Assistance (FAPA) hosted by the African Development Bank will
invest US$500,000 towards the total deal size of US$950,000.
This investment is intended to finance the capacity building of a number of identified emerging factoring
firms, advisory support among established factoring firms and development of a sustainable knowledge
and learning platform to support factoring on the African continent.
Afreximbank will contribute US$450,000 towards the technical assistance project.
Representing the African Development Bank, Senior Director in charge of the Nigerian Country Department,
Ebrima FAAL emphasized the need for DFIs like to continue playing their role as enablers in enhancing
Africa’s ability to financially support its SMEs to meet the demands of regional and global importers/exporters
that trade on open account terms.
“Given the multisectoral impact of factoring in supporting businesses within agriculture, manufacturing,
telecoms, power generation, partnering with AfreximBank is consistent with our strategic focus as
represented under the High 5s namely: Integrate Africa, Feed Africa, Light Up Africa, Industrialize
Africa and Improve the standard of living of the people of Africa,” FAAL said.
Abuja holds a special place in the history of Afreximbank as this is where, together with other African governments
and key private sector institutions, the Bank helped lay the foundation for the establishment
of this institution in 1993.
Mandated to stimulate consistent expansion, diversification and development of African trade,
Afreximbank continues to be a significant partner to the Bank in its endeavor to deliver
on its commitment to improve the living standards of African people through strategic and
impactful trade finance instruments like factoring.
About FAPA
The Fund for African Private Sector Assistance (FAPA)
is a multi-donor trust fund that provides grants
for technical assistance activities to public
and private sector entities domiciled in Africa.
FAPA resources are utilized to promote innovative programs that specifically
support the development of SMEs in Africa.
FAPA is one of the components of the Enhanced Private Sector Assistance (EPSA) initiative hosted at the African Development Bank.
( BAD / G. Comerio )
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