The International Finance Corporation (IFC) has inked a deal with US-headquartered Citi to provide cover worth Sh28.4 billion ($200 million) for the lender’s trade finance transactions with African banks.
The IFC said in disclosures published on Friday that the deal, known as the GTLP Citi ATRI Africa project, will encourage Citi to maintain and expand its trade finance offerings to African countries when many global banks are avoiding the risk of financing the continent.
