The African Development Bank, Citigroup Inc. (C:US), and International Finance Corp. agreed to provide a $175 million credit line for trade finance in Africa.
The three-year financing is part of a program started in July 2009 by the three lenders to support trades in developing countries, Citigroup said in a statement.
“While the impact of the crisis is felt throughout the global economy, the poorest are often those who are most affected by reduced growth, income, and increased prices of critical goods,” Georgina Baker, director of trade and supply chain at IFC said in the statement.
Africa’s share of world trade is will rise to 7 percent in 2050 from 3 percent in 2010, according to forecasts of Citigroup economists.
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