- The deal aims to support SMEs and women-led businesses.
- It could unlock over $450 million in trade flows.
- Focused on sectors like agriculture, healthcare, and infrastructure.
Details of the Trade Finance Deal
Standard Chartered Bank Kenya and British International Investment signed a $100 million trade finance facility to support businesses in East Africa.
The partnership between Standard Chartered and BII bolsters local businesses through enhanced access to capital, with an emphasis on supporting women-led enterprises and SMEs in East Africa.
Standard Chartered Bank Kenya, under CEO Kariuki Ngari, and British International Investment led by Seema Dhanani, have collaborated to execute a $100 million trade finance agreement. This initiative aims to empower local businesses, particularly those led by women, across Kenya and Tanzania. The facility is expected to generate over $450 million in trade flows throughout its lifecycle, focusing on critical sectors such as agriculture, healthcare, and infrastructure.
Through our partnership with BII, this new trade finance facility further empowers local businesses, especially those owned or led by women, by providing them with the capital they need to scale, trade, and thrive. This initiative is a testament of our ongoing commitment to economic development as we champion innovation, diversity, and sustainable growth for our communities. — Kariuki Ngari, CEO for Kenya and Africa, Standard Chartered Bank
This trade finance facility seeks to address the liquidity constraints faced by SMEs and corporates, offering them the necessary capital to expand. The endeavor continues a partnership dating back to 2013, previously culminating in a $350 million deal. Notably, the deal remains within traditional finance realms without direct implications for the cryptocurrency sector, as it does not involve digital or tokenized assets. While the lack of a direct impact on digital assets has kept the crypto community neutral, this facility could open avenues for future blockchain integration, depending on evolving financial landscapes.
No regulatory feedback from bodies like the SEC or CFTC has emerged concerning this announcement. The broader impact might prompt a shift in trade finance approaches, potentially influencing regional economic development and fortifying cross-border commerce pathways in East Africa. Despite the traditional focus, advancements in financial technologies could see subsequent collaborations embracing more innovative solutions, including possible digital finance integrations.
You can follow FemmeHub on Twitter for updates on women empowerment.
| Disclaimer: The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions. |