Opec Fund boosts support for Africa trade finance scheme
DUBAI, May 16, 2020
The Opec Fund for International Development (Opec Fund) said it has increased its trade finance programme from $50 to $100 million to enable international financial services firm Natixis to boost support for trade and development in Africa.
The unfunded risk sharing agreement sees the Opec Fund guarantee trade finance transactions supported by Natixis – part of Groupe BPCE, France’s second-largest retail banking group – in developing countries.
The programme has supported trade transactions such as imports of medical equipment and sugar on the African continent, and in Asia. The original $50 million agreement was signed with Natixis in 2018.
Opec Fund Director-General Dr Abdulhamid Alkhalifa signed the increased agreement with Natixis’ Stephen Menke, Global Head of Marketing and Sales, Trade Syndication and Distribution.
Dr Alkhalifa said: “We are pleased to expand our partnership with Natixis. Both our organizations have ambitious development aspirations and recognize the importance of trade to socio-economic progress."
"This transaction supports Sustainable Development Goal (SDG) 8 on decent work and economic growth and will improve the livelihoods of many business owners, employees and their families across the African continent,” he added.
Natixis’ Global Head of Trade and Treasury Solutions Anne-Cécile Delas said: "We are proud to enhance its collaboration with the Opec Fund and to support the growth of trade in emerging countries by means of this partnership."
"We believe in the economic potential of the emerging markets, which we support for a sustainable improvement of social and economic development," he stated.
The Opec Fund’s Trade Finance Facility supports private enterprises and governments by facilitating the import and export of strategic commodities and capital goods. Since 2006, $4.2 billion has been approved under this facility.-TradeArabia News Service
