Everest Amaefule, AbujaThe African Development Bank on Thursday said it had approved a $50m Risk Participation Agreement for Commerzbank AG to address the continent’s trade finance market demand. A statement by the AfDB said that the Board of Directors of the lender approved the $50m unfunded Risk Participation Agreement for Commerzbank AG on March 27, 2018. According to the bank, the risk participation will leverage Commerzbank’s support to African issuing banks seeking to expand their trade finance operations. “The facility will help address trade finance market demand in key economic sectors such as agriculture and manufacturing. The effort is AfDB’s second Risk Participation Agreement with Commerzbank, a major player in the global trade finance market with a significant Africa footprint and headquarters in Frankfurt, Germany.

Source: Punch April 05, 2018 23:03 UTC