AfDB enters into $40m deal with Spanish bank

To support issuing banks in Africa in expanding their trade finance operations, the African Development Bank (AfDB) has entered into a $40-million risk participation agreement (RPA) with Spanish banking group Banco Santander. The facility would tackle critical market demand for trade finance in Africa by providing support for trade in vital economic sectors, including agriculture and manufacturing. It would also foster financial sector development and regional integration, and contribute to government revenue generation.