On Monday, Britain’s International Investment (BII) pledged $100 million in trade finance to the Eastern and Southern African Trade and Development Bank (TDB) to boost agriculture and food security.
The funding aims to assist trade, which is crucial given the economic difficulties that African countries face, which are made worse by climate change. Research from the African Development Bank (AFDB) highlights the urgent need for more trade financing since there is a $120 billion yearly shortfall as a result of dwindling support from foreign lenders.
By giving local businesses access to essential resources, the TDB investment will improve economic resilience, productivity, cross-border trade, food security, and job development. Andrew Mitchell, the United Kingdom’s Minister for Development and Africa, reaffirms the government’s commitment to the advancement of agriculture and economics in Africa.
By 2026, BII, which has investments in more than 1,470 companies in 65 countries, intends to dedicate 30% of its fresh pledges to climate finance. Admassu Tadesse, President of TDB Group, highlights the organisation’s responsibility for securing vital commodity supplies, especially in the fields of healthcare and agriculture.
