
African Development Bank approves $75mil facility for FirstRand Bank to enhance trade financing on the African continent
- By African Development Bank
- January 25, 2023
The approved facility will enhance FRB’s ability to underwrite trade finance transactions originating from issuing banks in several countries, including transition states and low-income countries across Africa. It is estimated that when fully utilized, this RPA facility, will support approximately $500-600 million of trade over the next 3 years, of which more than $100 million will support intra-African trade and exports.