The African Development Bank (ADB) approved a partnership with Société Générale to support local banks and SMEs in Africa on Wednesday.

This facility will help reduce the trade finance gap in Africa by increasing Société Générale's risk-tolerance capacity up to & staple; 50%

This partnership provides 50 million Euros and aims to reduce the trade finance gap in Africa by increasing Société Gé's risk tolerance capacity Neral up to 50%. As a result, confirmation limits from local issuing banks on the continent will increase. The risk of default will be shared by the parties on a portfolio of eligible commercial transactions initiated by African issuing banks and compensated by Société Générale. The beneficiaries of this facility will be the issuing banks in Africa, which will receive additional support from international banks to develop their trade finance activities, as well as small and medium-sized enterprises (SMEs) and the domestic companies that rely on these issuing banks to fulfill their trade finance commitments.