FCB secures US$15m AfDB facility

FIRST Capital Bank (FCB) has secured a US$15 million trade finance facility from the African Development Bank (AfDB) for lending to small to medium enterprises
(SMEs).

The facility will help bolster intra-African commerce in line with the goals of the Africa Continental Free Trade Area, AfDB said in a statement.

The package, comprising a US$7,5 million trade finance line of credit and a US$7,5 million transaction guarantee, is expected to catalyse about US$146 million in trade over the next three years, the pan African bank said.

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