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Africa

CDC Group Inks USD400mn in New Deals As UK-Africa Investment Summit Kicks Off

UK-based development finance institution CDC Group has announced a raft of new deals with Africa-based counterparts totally USD400mn, mostly to support small and medium-sized businesses across the continent.

Jan 21, 2020 // 9:30AM

CDC Group also announced it would commit a further GBP2bn (approx. USD2.6bn) to supporting African businesses over the next two years, with plans to effectively double the size of its portfolio on the continent.

Among the deals announced by CDC Group include a USD100mn trade finance loan with ABSA to support SMEs in South Africa, an MoU to work with CIB of Egypt to extend up to UDS100mn to small firms and startups, and a USD75mn trade finance agreement with TDB to support trade-related lending in up to 32 African countries. It also announced direct investment into a slew of startup and SME funds.

The UK-Africa investment summit has brought together 21 African heads of state in London this week, with the UK government – having recently divorced from the EU, Africa’s largest combined trading partner – hoping to woo African leaders to trade more with the country.

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