Absa Bank Limited and China Development Bank Conclude a $100 million Agreement
By Lerato Matsaneng Absa Group Media Relations 064 757 4716 Lerato.Matsaneng@Absa.co.za PRmedia@Absa.co.za
This is the first major transaction between the two lenders and is geared towards providing funding to Small and Medium Enterprises (SME)
JOHANNESBURG, South Africa, August 18, 2017/ — Absa Bank Limited (www.Absa.co.za), a subsidiary of the Barclays Africa Group (BAGL) (www.BarclaysAfrica.com), has successfully concluded a five year $100 million Special Facility Agreement with the China Development Bank (CDB). This is the first major transaction between the two lenders and is geared towards providing funding to Small and Medium Enterprises (SME). This will also benefit BAGL’s existing and prospective SME clients across the continent, which will be reached through its 12-country presence.
The initial drawdown is based on Absa’s current funding needs, and may be increased in the future to assist with new funding opportunities within BAGL’s operations.
“We are glad to partner with CDB on this landmark transaction, which also echoes the 2017 BRICS theme, ‘Stronger Partnership for a Brighter Future’ ”, said Craig Bond, Head: Partnerships, Joint Ventures and Strategic Alliances at Barclays Africa Group Limited.
China Development Bank, one of the biggest lenders in Africa, was founded in 1994 as a development financial institution under the leadership of China’s State Council. The bank has assets of circa $2 trillion, and is the world’s largest development finance institution. Furthermore, CDB is the largest Chinese bank for foreign investment and financing co-operation, long-term lending and bond issuance. Distributed by APO on behalf of Barclays Africa Group. For further information, please contact:
Absa Group Media Relations 064 757 4716
About Absa: Absa Bank Limited (Absa Bank) is a wholly owned subsidiary of Barclays Africa Group Limited, which is listed on the Johannesburg Stock Exchange and is one of Africa’s largest financial services groups. Absa offers a range of retail, business, corporate and investment banking and wealth management products and services primarily in South Africa and Namibia.
Barclays Africa is 23.4% owned by Barclays Bank PLC (Barclays). We operate in 12 countries with about 40 thousand permanent employees and we serve close to 12 million customers. For further information about Barclays Africa, please visit our website www.BarclaysAfrica.com. SOURCE Barclays Africa Group