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Absa signs US$200 million funding facility with China Development Bank

Absa Bank SA and China Development Bank, China's largest overseas lender and the world's largest Development Finance Institution, have signed a three-year, US$200 million working capital facility.

The facility enables Absa Bank to further diversify its hard currency funding sources at comparatively competitive funding cost, while supporting our ambition to be a leading Pan-African bank. This transaction also demonstrates the good momentum and success for Absa’s growth-centred China strategy. 

CDB is China's largest overseas lender and the world's largest Development Finance Institution (DFI). CDB is currently a key strategic partner for Absa and is becoming increasingly more important in the build-out of Absa's China strategy. This transaction, which was signed in the context of recent global banking sector turmoil, demonstrates CDB's confidence in Absa's strategy and business performance, as well as their continuing commitment to Africa's economic growth and development.

With the trust and momentum gained in concluding this transaction, Absa will continue to build and deepen our relationship with CDB and its major clients in Africa and China.

To learn more about our commitment to a growth-centred Africa-China partnership.

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