Absa Bank, China Development Bank conclude $100 million agreement

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Absa Bank Limited, a subsidiary of the Barclays Africa Group (BAGL), has concluded a five year $100 million Special Facility Agreement with the China Development Bank (CDB).

This is the first major transaction between the two lenders and is geared towards providing funding to Small and Medium Enterprises (SME).

This will also benefit BAGL’s existing and prospective SME clients across the continent, which will be reached through its 12-country presence.

The initial drawdown is based on Absa’s current funding needs, and may be increased in the future to assist with new funding opportunities within BAGL’s operations.

“We are glad to partner with CDB on this landmark transaction, which also echoes the 2017 BRICS theme, Stronger Partnership for a Brighter Future ,” said Craig Bond, Barclays Africa Group Head of Partnerships, Joint Ventures and Strategic Alliances. 

China Development Bank, one of the biggest lenders in Africa, was founded in 1994 as a development financial institution under the leadership of China’s State Council. The bank has assets of circa $2 trillion, and is the world’s largest development finance institution. Furthermore, CDB is the largest Chinese bank for foreign investment and financing co-operation, long-term lending and bond issuance.

 

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Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing. Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications. In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice. As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business. Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope. Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing. At Nashua Mobile, he was responsible for application development and enhancing the web sites At South West Gauteng College, he was the IT Technician and Network Administrator. During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients Mphahlele contributes as a Content Manager for BizNis Africa.

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