Standard Chartered And Bii Renew 350-million Trade Finance Agreement To Drive Growth Across Africa And South Asia
- Standard Chartered and British International Investment BII have renewed a 350-million risk participation agreement to support trade finance in Africa and South Asia.
- Since 2013, this partnership has facilitated over 10 billion in trade across more than ten countries, including Nigeria, Kenya, and Pakistan.
- The renewed facility aims to enhance access to trade finance for SMEs and corporates, promoting economic growth in these regions.
Standard Chartered and British International Investment BII have renewed their three hundred fifty-million-dollar risk-participation agreement. Initially established in 2013, this collaboration has facilitated over ten billion dollars in trade across more than ten countries, including Nigeria, Kenya, Tanzania, Bangladesh, Pakistan, and Nepal. Recent reports from Billionaires Africa indicate that StanChart Kenya, led by Kariuki Ngari, earned nine million eight hundred thousand dollars from sustainable finance in 2023, underscoring the institutions expanding role in green project financing.
Expanding support for diverse sectorsThe renewed facility will reach additional dynamic markets, bolstering trade and economic growth by enhancing access to trade finance and liquidity through Standard Chartereds global network. It will support key sectors, including food, agriculture, healthcare, industrials, metals, infrastructure, electronics, technology, telecom, and mobility.
Aligned with the United Nations Sustainable Development Goals SDGs, particularly SDG 8 Decent Work and Economic Growth, SDG 9 Industry Innovation and Infrastructure, and SDG 12 Responsible Consumption and Production, this initiative strengthens economic growth and opens new opportunities across these regions.
Statements from key stakeholdersUK Development Minister Anneliese Dodds expressed strong support, remarking, I am delighted to see BII and Standard Chartered renew their facility to deliver trade finance throughout Africa and South Asia. This is an important partnership that will support SMEs and corporates to grow and deliver critical goods and services.
Nick ODonohoe, CEO of BII, emphasized the facilitys longstanding impact, particularly in empowering businesses and supporting the essential flow of goods, including food and healthcare. Saif Malik, CEO, UK and Head of Banking Coverage, UK, Standard Chartered, reiterated the banks dedication to connecting high-potential businesses with vital capital, adding, This strategic agreement aligns with our vision of supporting corporations that drive future innovation and connect the worlds most dynamic markets in trade, investment, and capital flows.