Absa strikes deal with World Bank agency to boost African lending

agreement with the Multilateral Investment Guarantee Agency , which will help protect it against political risk and expand financing across seven African countries.

The guarantees will help protect Absa against risks related to the mandatory capital reserves banks are required to hold with central banks, Absa said. Absa said it was the first African banking group to enter into such an agreement with MIGA, a World Bank organisation with a mandate that includes promoting investment by providing guarantees against political risk.

The guarantees are valid for as long at 15 years, and apply to Absa’s subsidiaries in Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda and Zambia. The subsidiaries will increase sustainable financing for companies and small and medium businesses, as well as projects with co-climate benefits, Absa said.

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