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AFDB EARMARKS 150 MILLION DOLLARS IN A FINANCIAL FACILITY FOR INTRA-CONTINENT
TRADE

Laura Valentini|News|21 March 2024

On February 29th, 2024, the Board of Directors of the African Development Bank
Group has endorsed a 150 million dollars Trade Finance Unfunded Risk
Participation Agreement facility between the African Development Bank and Trade
& Development Bank (TDB). 

This agreement aims to enhance intra-Africa trade, foster regional integration,
and help narrow the trade finance gap in Africa, aligning with the objectives of
the African Continental Free Trade Area (AfCFTA).

The African Development Bank will extend guarantee coverage ranging from 50% to
75% for transactions in low-income countries and transition states, on a
risk-sharing basis with TDB, to several eligible local and regional banks
operating within the Common Market for Eastern and Southern Africa (COMESA)
region, particularly those engaged in trade finance activities. This initiative
is anticipated to facilitate approximately 1.8 billion dollars worth of trade
over the ensuing three years.


BACKGROUND SITUATION: THE AFCFTA

The AfCFTA constitutes a free trade area encompassing the 55 countries of the
African Union (AU) and eight Regional Economic Communities (RECs). It aims to
establish a unified continental market with a population of roughly 1.3 billion
individuals and a collective GDP of around 3.4 trillion dollars. 

With local businesses currently encountering tariffs averaging 6.1 percent when
exporting within Africa compared to exports outside the continent, the AfCFTA
aims to gradually phase out these fees, streamlining trade for African
enterprises within the continent and enabling them to capitalize on the local
market.

The AfCFTA came into effect on May 30th, 2019, following the deposition of
Instruments of Ratification by 24 Member States, culminating years of continuous
continental engagements since 2012. Its launch took place during the 12th
Extraordinary Session of the AU Assembly of Heads of State and Government in
Niamey, Niger, in July 2019. Trading under the AfCFTA commenced on January 1st,
2021, with the AfCFTA Secretariat headquartered in Accra, Ghana. Wamkele Mene
serves as the first elected Secretary-General, overseeing the Agreement's
implementation.


MORE ON THE UNFUNDED RPAS FROM THE AFDB

The Unfunded RPA represents one of the trade finance tools provided by the AfDB
to assist local banks in Africa. It aims to provide partial risk coverage for
trade finance operations in Africa undertaken by regional and international
commercial banks, as well as eligible regional DFIs.

Typically, the African Development Bank assumes a 50% share of the risk. The
Bank selects its commercial partners based on criteria such as the extent of
their African portfolio, the breadth of their market coverage on the continent,
their support for intra-African trade, and the robustness of their credit
approval processes.

This initiative furnishes partnering banks with coverage for a diverse array of
trade finance instruments, providing both capital relief and the assurance to
explore new markets, while simultaneously enhancing their capacity through
expanded limits and extended tenors. Furthermore, it assists issuing banks in
establishing relationships with new correspondent banks, thereby bolstering
their risk profile. Regional financial institutions also receive backing to
become acceptable confirming banks, while simultaneously providing a stimulus
for SME sector financing.


ELIGIBILITY CRITERIA FOR RPAS

The bank issuing the request for an RPA has to successfully complete the AfDB's
trade finance due diligence. Moreover, it has to have a notable presence or
potential to scale in trade finance across Africa, strategic commitment to
expanding trade finance operations in low-income countries, and a satisfactory
credit rating from the AfDB.

Similarly, issuing banks under the RPA must be registered in a Regional Member
Country of the AfDB, pass due diligence procedures of the RPA bank with approval
from the AfDB, maintain good standing with both the AfDB and confirming bank
throughout the RPA's duration, and demonstrate a strong focus on small and
medium-sized enterprises (SMEs).



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