The initiative aims to improve access to funding for companies in sectors such as agriculture, healthcare and infrastructure, while supporting gender economic equality.
British International Investment (BII) and Standard Chartered, an international cross-border bank, have launched a $100m (€87.9m) trade finance programme to support the private sector in Kenya and Tanzania, while focusing on advancing gender economic equality.
The facility aims to improve access to funding for companies in sectors such as agriculture, healthcare, and infrastructure, thereby supporting economic activity and growth in the region.
The initiative also supports gender equality by meeting the standards of the 2X Challenge, which promotes investment in women-led and women-owned businesses.
Ndaba Mpofu, managing director, head of financial services debt and trade finance at BII said: “We are thrilled to strengthen our long-standing partnership with Standard Chartered to empower underserved businesses in Kenya and Tanzania. By making trade finance more accessible, especially to benefit women, we are not only boosting the flow of essential goods but also driving inclusive growth and economic resilience in East Africa.”
The agreement is part of a long-standing partnership between the two organisations, building on previous agreements to boost trade finance in Africa and South Asia.
Last year, BII and Standard Chartered signed a $350m risk participation agreement, an extension of an initial agreement in 2013, aimed to support trade finance needs of small and medium enterprises (SMEs) and corporates across Africa and South Asia.
East African economic growth
Ray Collins, the UK government’s minister for Africa, said: “The UK is facilitating opportunities for growth, at home and abroad. Partnerships between the private sector and the public sector are essential if we are to create growth and jobs for the UK, and our partners in East Africa, and now is the time to do this.”
The programme is expected to support over $450m in trade transactions over its lifetime.
Speaking about the agreement, Kariuki Ngari, managing director and chief executive officer of Kenya and Africa at Standard Chartered said the initiative is a testament to its commitment to economic development, as the firm aims to champion innovation, diversity, and sustainable growth for its communities.
“We are committed to unlocking opportunities for growth and resilience across East Africa. Through our partnership with BII, this new trade finance facility further empowers local businesses, especially those owned or led by women, by providing them with the capital they need to scale, trade, and thrive,” Ngari said.
Charles Corbett, global head, public sector coverage, Standard Chartered said: “Our enduring partnership with BII is a strong example of how public-private collaboration can drive meaningful change. Together, we’ve helped expand access to trade finance in Africa, supporting businesses, jobs, and broader economic development.”
