MCB Pledges $1 Billion over 4 Years to Boost Intra-African Trade

Mauritius Commercial Bank (MCB) has pledged a massive $1 billion funding package over the next four years to supercharge intra-African trade and accelerate the continent’s economic transformation.

The dedicated trade finance pool, which aligns with the banking group’s Vision 2030 strategy, will offer a mix of funded facilities and non-funded trade finance instruments.

These will include the confirmation of letters of credit, the issuance of guarantees, avalised drafts, and various other commercial instruments designed to boost African trade corridors and help clients unlock value across the continent.

Thierry Hebraud, Chief Executive Officer of MCB, framed the move as a major statement of intent for regional development.

“Intra-African trade is an essential driver of growth,” Hebraud said, following his recent attendance at the Africa CEO Forum in Rwanda in mid-May.

“The establishment of a $1 billion pool dedicated to trade finance sends a strong signal regarding our ambitions on the African continent. We are reaffirming our desire to concretely support Africa’s economic transformation by promoting sustainable growth, strengthening regional integration, and supporting our clients.”

The $1 billion envelope marks a continuation of the group’s recent push into African development.

It follows the bank’s recent signing of a Letter of Intent with the French development finance institution Proparco and several partner African banks under the umbrella of the Africa AgriTrade Coalition.

Source: Defi Media