Absa Bank Agrees $100m Deal with China Development Bank to Fund SMEs

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Barclays Africa Group announces the successful conclusion of a five-year $100 million Special Facility Agreement between its subsidiary Absa Bank Limited and the China Development Bank (CDB).

China Development Bank is the largest Chinese bank for foreign investment and financing co-operation, long-term lending and bond issuance.

Led by China’s State Council, it is the world’s largest development finance institution with approximately $2 trillion worth of assets and one of the biggest lenders in Africa.

The Facility will be used to fund Barclays Africa Group’s small and medium enterprise (SME) clients across Africa, through its operations in 12 countries in the continent.

The initial drawdown is based on Absa’s current financial needs and may be increased in the future to enable new funding opportunities within Barclays Africa’s operations.

The Head of Partnerships, Joint Ventures and Strategic Alliances at Barclays Africa, Craig Bond said the landmark transaction echoes the 2017 BRICS theme: ‘Stronger Partnership for a Brighter Future’.

BRICS is the acronym for an association of the five major emerging national economies of Brazil, Russia, India, China and South Africa.

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