AfDB, Afreximbank sign factoring project deal to support SMEs

The African Development Bank (AfDB), through its Trade Finance operations, has signed a Grant Agreement with African Export-Import Bank (Afreximbank) to support the development of factoring on the continent.

The Fund for African Private Sector Assistance, hosted by the African Development Bank, will invest $500,000 towards the total deal size of $950,000. This investment is intended to finance the capacity building of a number of identified emerging factoring firms and advisory support among established factoring firms. Afreximbank will contribute $450,000 towards the technical assistance project.