According to bank provided information, GTLP Absa is a proposed risk sharing facility whereby Absa Bank Ltd (“Absa” or the “Bank”) and IFC would share the risk, on an up to 50:50 basis, in a portfolio of up to US$250 million of trade transactions originated by Absa (maximum up to US$125 million for IFC's own account) (the “Project”). The Project will use the Global Trade Liquidity Program (“GTLP”) platform, an innovative and demonstrated trade finance program launched by IFC in 2009, through which IFC will play a countercyclical role to support trade across Africa as the region responds to and recovers from the COVID-19 crisis. In addition to the above Project, an uncommitted trade finance guarantee facility of US$50 million under IFC's Global Trade Finance Program (“GTFP”) is proposed (“GTFP Absa” and, collectively, with the Project, the “Projects”).
In addition to the above Project, an uncommitted trade finance guarantee facility of US$50 million under IFC's Global Trade Finance Program (“GTFP”) is proposed (“GTFP Absa” and, collectively, with the Project, the “Projects”).
The GTLP Absa facility size is expected to be up to US$250 million with an underlying portfolio of trade finance assets, risk-shared by Absa and IFC on a 50:50 basis.
Absa is the third largest bank in South Africa in terms of assets and has a market share of 21% in loans and 20% in deposits. The Bank is a wholly owned subsidiary of Absa Group Limited (“AGL” or the “Group”) and represents 84% of the Group’s balance sheet by assets. AGL provides wholesale and retail banking services, corporate and investment banking, wealth and asset management, and insurance services. Outside of South Africa, the Group is present in 11 countries in Eastern, Southern, and Western Africa. As of December 2020, Absa had fully completed its separation from Barclays plc.
Absa Bank Limited
Managing Principal- Head of Trade and Working Capital Sales
+27 11 89 5699
7th Floor, Absa Towers West, 15 Troye Street, Johannesburg, 2001, PO Box 7735, Johannesburg, 2000 SA
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