The African Development Bank (AfDB) has approved a $230 million trade finance package for Access Bank Plc to enhance foreign exchange (FX) liquidity and support SMEs engaged in trade.Outlined in a Project Summary Note released on Wednesday, the funding … Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader AfDB injects $230m into bank to boost SME trade finance By Busola Bamidele on March 6, 2025 The African Development Bank (AfDB) has approved a $230 million trade finance package for Access Bank Plc to enhance foreign exchange (FX) liquidity and support SMEs engaged in trade. Outlined in a Project Summary Note released on Wednesday, the funding consists of two key components: a $170 million Trade Finance Line of Credit (TFLoC) with a 3.5-year tenure to strengthen forex liquidity and a $60 million Transaction Guarantee (TG) providing risk coverage for trade transactions. Read also: 30% of MSMEs shut down as NESG raises economic alarm Tax reform bill will boost compliance, expand revenue NAFDAC reopens Onitsha drug market after crackdown on make medicines MultiChoice faces FCCPC lawsuit over subscription price hike violation AfDB approves $230m trade finance package for Access Bank to support SMEs The initiative aims to ease forex access for Nigerian businesses, enabling SMEs to source raw materials, machinery, and essential goods. It aligns with Nigeria's 2020-2024 Country Strategy Paper and AfDB's Ten-Year Strategy (2024-2033), advancing regional trade and industrialization under the High 5s Agenda—'Feed Africa,' 'Integrate Africa,' and 'Industrialize Africa.'

SMALL BUSINESS INSIGHTS © 2025. Manage your email settings or unsubscribe. Get the Jetpack app Subscribe, bookmark, and get real‑time notifications - all from one app! Automattic, Inc. 60 29th St. #343, San Francisco, CA 94110