Asian and African development banks sign trade finance deal

The Asian Development Bank ADB and the African Development Bank AfDB have signed a trade finance agreement to help the latter set up a trade finance programme to boost African trade. AfDB is looking to expand its trade finance activities to support companies across Africa, similar to ADB’s trade finance programme in developing countries in Asia.

“Partnerships are key to promoting economic growth and using the trade finance programme framework developed by ADB will help AfDB achieve in Africa the success ADB has achieved in Asia, but much faster and at a fraction of the start-up cost,” said Philip Erquiaga, director general of ADB’s private...