China's Development Bank and Absa, a subsidiary of Barclays Africa, concluded a $100 million Special Facility Agreement to fund SME in Africa. The money will benefit Barclays Bank’s existing and prospective SME clients across the continent, according to Absa.
The funding may be increased in the future to assist with new funding opportunities within Barclays’s operations, both banks said. The funding is expected to assist the African SMEs, which often face funding shortages. SMEs on the continent have the potential to boost economic growth and create employment.
