British International Investment (BII), a UK-based Development Finance Institution (DFI) and impact investor has announced a $60 million trade finance facility for Nigeria's Access Bank Plc and its five Pan-African subsidiaries. The move is aimed at strengthening import-export capabilities and addressing the foreign currency supply gap.
The strategic partnership, as highlighted by Seyi Kumapayi, Executive Director of African Subsidiaries at Access Bank, is significant in advancing intra-African trade, bolstering local industries, propelling economic growth, and ensuring long-term economic resilience for Africa. It also aims to make the continent more appealing for foreign investments.
The agreement was inked on Tuesday between Mr. Kumapayi and Mr. Admir Imami of BII in Lagos, Nigeria. The initiative is supported by BII as part of its commitment to strengthening Africa's banking sector, according to the bank's Spokesman, Mr. Abdul Imoyo. This move is expected to boost the import/export capabilities of local businesses and foster continental trade.
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