The African Development Bank (AfDB) has approved a trade finance facility of US$150 million to support Absa Group, a South African lender, in expanding its social and sustainable financing efforts. Additionally, the AfDB has agreed to provide about US$90 million in sustainability-linked loans and invest US$53.8 million in Absa’s inaugural social bond issuance. The trade finance facility aims to enhance access to funding for businesses, enhance trade facilitation in low-income nations, and promote intra-Africa trade, as stated by the AfDB.
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