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ABSA secures $150 million facility in partnership with British International Investment

Oct 31, 2024•over 1 year ago

Contract Type

partnership

JohannesburgFinancial ServicesFinance

Description

ABSA has secured a $150 million facility from British International Investment (BII) plc as part of its mission to help close the trade finance gap in Africa. BII is the UK’s Development Finance Institution (DFI) and impact investor, focused on providing patient capital to foster sustainable and inclusive economies. The funds from this partnership will be used to support Africa’s trade finance gap, with a specific focus on the African continent. This aligns with Absa’s goal of concluding R100 billion in sustainable funding.

Company Information

Company

Absa

Location

Johannesburg, Gauteng, South Africa

About

Absa Group Limited (Absa) has forged a new way of getting things done, driven by bravery and passion, with the readiness to realise growth on the African continent and beyond. We’re a truly African brand, inspired by the people we serve in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda, and Zambia. We also have representative offices in China, Namibia, Nigeria and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support colleagues in the Czech Republic.

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Strategic partnership established

Partnership agreements typically involve technology integration and joint go-to-market strategies

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Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months