AfDB Approves Financial Facilities for South Africa’s Standard Bank

Pan-African financial institution the African Development Bank (AfDB) has approved two financial facilities for South Africa’s Standard Bank Group.

The facilities include a $200 million trade finance risk participation agreement and an approximately $200 million (R3.6 billion) investment in a social bond.

The partnership aims to bolster economic development, increase support for small- and medium-sized enterprises (SMEs) and expand trade across Africa.

Proceeds from the social bond – to be listed on the JSE – will support SME lending while the risk participation agreement aims to scale up trade finance support for local banks across the continent.