In recognition of its outstanding contribution to international trade on the African continent, the Eastern and Southern African Trade and Development Bank (TDB) has been awarded “Best Trade Financier in Africa” by Trade Finance Global (TFG).
As several major international correspondent banks have retreated from African markets, TDB has doubled-down and deepened its expertise in addressing intra and extra-regional trade financing gaps. TDB has provided USD billions in this space in recent years, bridging shortages and assisting with foreign exchange challenges in the region, particularly for strategic and vital commodity imports into Member States. With total assets of $6.7bn, trade finance assets represent more than half of TDB’s total loan portfolio.
TDB keeps innovating, accelerating the execution of its FI strategy, and introducing new solutions such as receivables financing and open-account-based solutions. Last year, TDB also became the first African DFI to close a trade finance transaction using blockchain technology, improving the carbon footprint, cost, speed, transparency, traceability, risk profile and overall efficiency of its processes. TDB’s trade finance solutions and innovations are now going a long way in mitigating some of the Covid-19-related external shocks.
Admassu Tadesse, President and Chief Executive at Trade and Development Bank said: “We are honored to have been recognized among the best players in the African trade finance industry. It is a testament to our dedicated board, exceptional management team and talented professionals’ commitment to drive quality growth and impact in our region. We look forward to continue working to develop innovative world-class solutions to further bridge the trade finance gap, and deliver triple-line bottom-line returns for our partners, clients and shareholders”.