A major bank in Africa’s second-richest country by wealth per capita is rolling out a $1 billion trade-finance facility to support businesses across the continent over the next four years, as African companies continue to face limited access to funding, foreign-currency liquidity and risk-cover instruments.
Mauritius Commercial Bank has committed $1 billion to support trade finance across Africa, strengthening the island nation’s position as one of the continent’s most influential financial centres.
The package will include funded facilities and non-funded trade-finance tools such as letters of credit, confirmed letters of credit, avalised bills of exchange and guarantees.
MCB said the initiative will support economic transformation by giving businesses tailored trade-finance solutions and more competitive access to capital.
It will also help strengthen regional value chains and intra-African trade, in line with the objectives of the African Continental Free Trade Area.
