The African Development Bank Group signed a $7.5 million trade finance transaction guarantee with Bank Of Africa Tanzania Limited to support Small and Medium Enterprises and local corporates involved in imports.
The agreement officiated on March 10, 2025, in Dar es Salaam, provides risk coverage on letters of credit and trade finance instruments of up to 100%. With this offer, the deal is aimed to enhance Tanzania’s access to regional and international trade markets.
Sectors such as agriculture, energy, and manufacturing, are some of the priorities aimed in this deal aligning with Tanzania’s development blueprint and the African Continental Free Trade Area (AfCFTA).
AfDB’s Country Manager Patricia Laverley highlighted its role inbridging Tanzania’s trade finance gap. On the other hand, BOAT’s Deputy Managing Director Hamza Cherkaoui emphasized the expanded confirmation network and top-tier bank access this partnership brings.
The facility supports AfDB’s goals of regional integration, food security, and industrialization.
It also strengthens the Bank’s private sector focus in Tanzania and contributes to Vision 2025s goal of creating a resilient, globally competitive economy through inclusive finance.
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