UK Strikes $50M Deal to Boost Trade in Africa

 British International Investment (BII), the development finance arm of the UK government, has teamed up with Ghana International Bank (GHIB) in a $50 million trade finance agreement. This partnership is aimed at supporting businesses across seven African countries: Sierra Leone, Liberia, The Gambia, Benin, DR Congo, Rwanda, and Tanzania. The initiative seeks to provide crucial capital to small and medium-sized enterprises, enabling them to obtain essential commodities and equipment necessary for business expansion.

With Africa facing an immense $120 billion trade finance deficit, the lack of access to credit has stifled economic development. This deal is designed to reduce the perceived financial risk premium tied to investments in African markets. If successful, the initiative is expected to generate employment opportunities, boost trade, and serve as a model for future investments in the continent's financial landscape.