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A US$60 million trade finance facility for Access Bank Plc Zambia and five other African countries has been announced by the British International Investment (BII), the United Kingdome’s (UK) Development Finance Institution (DFI) and impact investor.
This facility is expected to strengthen import and export capabilities amongst local businesses and plug the foreign currency supply gap.
Lishala Situmbeko, Access Bank Zambia Managing Director, expressed optimism that overall, the trade facility would enhance cashflow and promote competitiveness.
Situmbeko in a statement issued on Sunday is optimistic that the facility would also support Small and Medium Enterprises (SMEs) in Zambia, particularly women who were at the heart of Access Bank.
“We are happy that facility has been extended to Zambia as it will provide the necessary financial support and resources to importers and exporters and promote economic growth and development in the country,” he said.
Admir Imami, Director and Head of Trade and Supply Chain Finance at BII, stressed that access to finance in fragile states was hugely constrained, often these countries were buffeted by macroeconomic events far beyond their control.
“The bank is a long-standing partner of BII’s and our new partnership is a significant step closer to narrowing the trade finance gap in Africa, particularly in countries such as the DRC and Rwanda,” he said.
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