DR Congo: African Development Bank grants $7 million trade finance guarantee to support SMEs and local businesses through Access Bank DR Congo

On February 20, 2024, the Board of Directors of the African Development Bank Group endorsed a $7 million trade finance guarantee facility grant for Access Bank DR Congo.

The approval enables the African Development Bank to offer up to a 100% guarantee to confirming banks, covering non-payment risks associated with letters of credit and similar trade finance instruments issued by Access Bank DR Congo. This support targets the benefit of small and medium-sized enterprises (SMEs) and local businesses. Additionally, over the next three years, the Bank will facilitate the import of essential goods and diverse inputs in critical economic sectors like health and agriculture, alongside facilitating $40 million in trade.

“This facility will help improve the provision of trade finance services by providing essential guarantees for the confirmation of letters of credit issued for SMEs, Access Bank DR Congo’s target client group,” said Lamin Drammeh, Head of the Trade Finance Division at the African Development Bank.

“Access Bank has always been passionate about the economic development of the communities we serve,” said Arinze K. Osuachala, CEO of Access Bank DR Congo. “Our main goal is to understand and respond to the real needs of the Congolese people, to support the economic growth of the DRC. We are thrilled to be taking this step, because the Facility demonstrates the commitment of Access Bank DR Congo and the African Development Bank Group to advancing trade in Africa”.

source: afdb.org