One of China’s big three policy banks has entered a three-year funding agreement with one of the biggest financial services groups in Africa.
On 19 April, Johanneburg-based Absa Bank announced that it had signed an agreement for a three-year US$200 million working capital facility with China Development Bank (CDB).
“The transaction further progresses our funding diversification strategy and clearly demonstrates the confidence that CDB has in our business strategy and performance, as well as their commitment towards Africa’s economic growth and development,” said Parin Gokaldas, Group Treasurer, Absa Group.
“Signing this bi-lateral funding deal with CDB is a key milestone for Absa’s growth ambition around the China corridor,” said Kai Zhu, Head, China Corridor, Absa Corporate and Investment Banking.
“We hope to further leverage each other’s expertise and support and our mutual clients’ sustainable growth in Africa.”