TDB IS THE WINNER OF GLOBAL FINANCE’S 2023 BEST BANK FOR TRADE FINANCE IN EMERGING MARKETS AWARD
Ebene/ Bujumbura, 2 February 2023 – During a luncheon ceremony which was held on the 25th of January during the Bankers Association for Finance and Trade (BAFT) Europe Bank to Bank Forum, TDB was announced as this year’s global winner of Global Finance’s ‘Best Bank for Trade Finance in Emerging Markets’.
Global Finance selected best trade finance providers based on various criteria including transaction volume, scope of global coverage, customer service, competitive pricing and innovative technologies. Joseph D. Giarraputo, publisher and editorial director of Global Finance stated that “the winners of this year’s Trade Finance awards lead their competition in product and service offerings.”[1]
TDB plays an important role contributing to sustainable development in the region it serves through the financing of enabling projects and of critical trade flows. This award celebrates the Bank’s excellence in providing impactful and innovative trade finance solutions to its sovereign, financial institutions and corporate clients in its member states. The Bank targets sectors which are strategic priorities to the latter using its suite of trade finance products which include among others: import and export financing; structured commodity finance; pre- and post-shipment finance; issuance of LCs; guarantees and bonds; invoice discounting; and supplier-focused working capital solutions including receivables purchase financing.
TDB’s short-term trade finance portfolio – which has grown by 16% yoy to USD 4.3bn as of Q3 2022 – supports industrialization, job creation, the boosting of exports and forex revenues, and the sourcing of strategic commodities to enhance food and energy security. This was particularly important in 2022, in a challenging environment marked by a ‘triple F crisis’, food, fuel and finance, the lingering socio-economic effects of the pandemic, and increasingly pressing climate imperatives.
TDB’s spirit of innovation continues to drive the Bank’s growth and impact. In addition to leveraging technologies like blockchain to make trade finance cheaper, faster and less carbon intensive, TDB continuously innovates institutionally as well. Among various developments, to step-up impact and reach, including via novel trade finance solutions, TDB Group was rolled out in the past few years, and now counts in its stable the Trade and Development Fund (TDF), Eastern and Southern African Trade Advisors Limited (ESATAL), TDB Captive Insurance Company (TCI) and the TDB Academy.
This award follows various wins in 2022 including among several others ‘Best Bank for Trade Finance in Frontier Markets’ and ‘Outstanding Sustainable Financing in Emerging Markets in Africa’ from Global Finance, ‘DFI of the Year’ and ‘Sustainable Bank of the Year’ from African Banker Awards, and ‘Development Bank of the Year’ by Global Trade Review.
[1] Global Finance. Available at: https://www.gfmag.com/media/press-releases/press-release-global-finance-names-worlds-best-trade-finance-providers-2023
About TDB
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a regional development finance institution, with investment grade ratings and assets of USD 8bn. TDB serves 23 member states in its region, with the mandate to finance and foster trade, regional economic integration and sustainable development, through trade finance, project and infrastructure finance and asset management.
TDB is part of TDB Group, which also comprises the Trade and Development Fund (TDF), Eastern and Southern African Trade Advisers Limited (ESATAL), TDB Captive Insurance (TCI), and the TDB Academy.
