This archive report was first published on 7 January 2020.
On January 7, 2020, Absa Group, a leading African bank, made history by becoming the first African bank to partner with the Multilateral Investment Guarantee Agency (MIGA) in a deal worth $497 million.
According to the agreement, MIGA will provide a 15-year guarantee to shield Absa's subsidiaries from political risks, enabling them to expand financing across seven African countries.
The deal is expected to boost lending capacity for Absa's subsidiaries in Kenya, Ghana, Seychelles, and Mozambique, as well as those in Mauritius, Uganda, and Zambia.
By guaranteeing against risks, Absa aims to promote investment and support the growth of SMEs in the region.
