The Trade and Development Bank (TDB), a significant financial institution dedicated to African development, has secured a $100 million funding package from British International Investment (BII), the UK’s development finance division.
This investment aims to enhance economic resilience, promote agricultural development, and address food security challenges by supporting essential trade finance activities.
TDB, boasting assets exceeding $5 billion, plays a vital role in financing trade, fostering sustainable growth, and promoting regional integration in Africa through trade finance, advisory services, asset management, and project and infrastructure finance.
The funding from BII will strengthen TDB’s ability to provide financial support to local businesses and financial institutions in critical African markets.
UK’s Minister of State for Development and Africa, Andrew Mitchell, emphasized that this investment reflects the UK Government’s dedication to boosting economic and agricultural growth in Africa.
“It will help reduce trade barriers, enable businesses to access resources, expand, and tackle food security issues.”
On his part, TDB Group President and Managing Director, Admassu Tadesse, highlighted the significance of the partnership, expressing satisfaction in extending their strategic collaboration with BII for the fourth time. He added, “This partnership aims to address ongoing challenges and enhance food security in the region.”
This partnership between BII and TDB underscores their shared goal of empowering crucial economic sectors, particularly small and medium-sized enterprises, to drive inclusive growth in Africa.
At a time when the region faces challenges like inflation, currency depreciation, and debt, exacerbated by international conflicts such as the Russia-Ukraine dispute, this collaboration is strategically important.
BII’s head of the Kenya office, Seema Dhanani, emphasized the organization’s commitment to strengthening resilient African economies, facilitating vital liquidity, and expanding access to finance.
