The Trade and Development Bank (TDB), a major financial institution focusing on African development, has received a $100 million funding package from British International Investment (BII), the UK’s development finance division. The investment is intended to bolster economic resilience in Africa, foster agricultural development, and tackle issues related to food security through the support of crucial trade finance activities.
TDB, with more than $5 billion in assets, is instrumental in financing and advancing trade, sustainable growth, and regional integration in Africa via trade finance, advisory services, asset management, and project and infrastructure finance.
The funding from BII will boost TDB’s capacity to offer financial assistance to local businesses and financial institutions in vital African markets.
UK’s Minister of State for Development and Africa, Andrew Mitchell, stated that this investment reflects the UK Government’s commitment to enhancing economic and agricultural growth in Africa, and will aid in reducing trade barriers, enabling businesses to access resources, expand and address food security issues.
This collaboration between BII and TDB highlights their common objective of empowering crucial economic sectors, with an emphasis on small and medium-sized businesses, to stimulate inclusive growth in Africa. In a region grappling with challenges such as inflation, currency depreciation, and debt, further worsened by international conflicts like the Russia-Ukraine dispute, this partnership is a key strategy.
BII’s head of the Kenya office, Seema Dhanani, aligned the organisation’s partnership with TDB as a commitment to strengthening resilient African economies, facilitating crucial liquidity and broadening access to finance.
TDB Group President and Managing Director, Admassu Tadesse, underscored the importance of the partnership, expressing their pleasure in having the opportunity to extend their strategic partnership with BII for the fourth time as they aim to tackle ongoing issues and improve food security in the region.
