No 8 China Development Bank links with Absa bank to fund SMEs in Africa

China Development Bank (file photo)

South Africa's Absa bank and China Development Bank on Aug 18 announced the conclusion of a $100 million Special Facility Agreement to fund small and medium-sized enterprises in Africa, reported Xinhua News Agency.

Absa is a subsidiary of the Barclays Africa Group. The money will benefit Barclays bank's existing and prospective SME clients across the continent. The $100 million will address the current funding needs, and may be increased in the future to assist with new funding opportunities within Barclays's operations, both banks said.