FinDev Canada extends USD 20 million loan to the Trade & Development Bank to support sustainable development and expansion of regional trade in Africa
Summary
The funding will help to support inter- and intra-regional trade in the region that TDB serves, strengthen micro, small and medium-sized enterprises (MSMEs), and help finance climate change adaptation and mitigation initiatives aiming to enhance energy security and access to clean electricity, job creation, and reduced greenhouse gas (GHG) emissions – in line with the Paris Agreement, SDGs and Agenda 2063. This Facility builds on a memorandum of understanding (MoU) signed in 2019 whereby both parties had committed to collaborate on bolstering sustainable economic growth in the region served by TDB, via various avenues, including through trade and project finance. “TDB has demonstrated its willingness and ability to be there for its clients, supporting their ambitions to grow and create a more integrated, equitable, and economically resilient Africa,” said Paulo Martelli, Chief Investment Officer of FinDev Canada. “This loan represents our belief in that future for Africa, and our commitment to offer financial support to the private sector in several of the continent’s lower income countries. This loan will help them do that.” Admassu Tadesse, TDB President Emeritus and Group MD, said “With the signing of this Facility, we are pleased to commence our practical cooperation with FinDev Canada.