Supporting Trade in Africa

MCB has announced a $1 billion fund to support trade in Africa and foster the continent’s economic development. This initiative primarily aims to strengthen trade finance mechanisms and promote sustainable growth within African economies.

This announcement coincides with the celebration of Africa Day, commemorated on May 25th worldwide, and builds on the bank group’s existing commitments to the African market.

In recent months, MCB has notably signed a letter of intent with Proparco and several African financial institutions within the framework of the Africa AgriTrade Coalition. The group also participated in the Africa CEO Forum held in Rwanda in mid-May, with its CEO, Thierry Hebraud, in attendance.

Deployed over a four-year period, this $1 billion financial package will cover credit facilities as well as several trade finance instruments, including letters of credit, endorsed drafts, and bank guarantees. The objective is to facilitate trade between African economic operators by reducing constraints related to access to financing.

The mechanism should also help streamline trade transactions and support businesses involved in regional value chains.

More broadly, this initiative is part of the momentum to strengthen intra-African trade and develop trade corridors, in line with the ambitions of the African Continental Free Trade Area (AfCFTA).

“Intra-African trade is a key driver of growth,” said Thierry Hebraud. “The establishment of a US$1 billion fund dedicated to Trade Finance clearly reflects our ambitions for the African continent and aligns perfectly with our Vision 2030. We are thus reaffirming our commitment to concretely supporting Africa’s economic transformation, by fostering sustainable growth, regional integration, and serving our clients.”