Nairobi, 14 July 2020 – The Eastern and Southern African Trade and Development Bank (TDB) has the pleasure to announce the signing of an inaugural USD 100 million loan programme with KEXIM.
The line of credit aims at enhancing private sector business activity between TDB Member States and the Republic of Korea. The facility will focus on trade and infrastructure, innovation, skills transfer and job creation in high-tech industries and other economic sectors including industry, health care, hospitality, transport, renewable energy and agribusiness.
Furthermore, this Export Credit Agency (ECA) facility will support the importation of Korean capital goods and services by companies located in the TDB region, and provide working capital to Korean and TDB Member State companies wishing to do business together in the region.
Admassu Tadesse, TDB President and Chief Executive, said:
We are delighted to expand our partnership network yet again with the signing of this debut loan programme with the Export-Import Bank of Korea.
With this agreement, we look forward to working with new Korean suppliers, EPC contractors and other financial institutions, which, via this agreement, will be able to work hand-in-hand with our Member States’ entrepreneurs and together, make a long-lasting socio-economic impact in our region.
This agreement follows a Memorandum of Understanding which was signed between TDB and the Korea Overseas Infrastructure & Urban Development Corporation (KIND) this past July 2019, whereby both institutions convened to promote the financing of shared opportunities in the region served by TDB.
TDB has so far executed ECA-backed credit lines approaching the one-billion-US dollar mark since the launch of its ECA financing services in 2016. As a go-to intermediary for global and regional capital into the region, TDB continues delivering triple bottom-line results to its stakeholders, and at the same time, cater to the more urgent liquidity needs brought about by the Covid-19 crisis.