Nairobi, 19 June 2024 – The Eastern and Southern African Trade and Development Bank Group (TDB Group), SMBC Group (SMBC), Citi, and SACE are pleased to announce a EUR 100 million SACE Push Facility. This syndicated facility aims to support TDB's mission of fostering regional growth and integration, while increasing Italian procurement through the involvement of TDB and its clients.
This unique long-term facility, guaranteed by SACE to a multilateral development bank, includes SMBC and Citi as the Mandated Lead Arrangers, SMBC as Bookrunner and SACE Agent, and SACE providing the ECA cover (insurance).
The facility aims to support various sectors across TDB’s member countries, promoting economic growth, job creation, and sustainable development. By encouraging the involvement of Italian companies in projects within member states, the agreement will foster cross-border cooperation and economic integration in alignment with the African Continental Free Trade Area (AfCFTA) and the Sustainable Development Goals (SDGs).
In addition to supporting member countries, the SACE Push Facility aims to facilitate Italian procurement by involving TDB’s borrowers in matchmaking events with Italian suppliers and encouraging participation in bidding and tendering for services and products.
Admassu Tadesse, TDB Group President and Managing Director, commented, "With this facility, we are pleased to elevate our partnership with SMBC and Citi, some of the Bank’s long-standing strategic partners, and establish a new one with Italy’s SACE, who we salute for choosing TDB as the first financial institution across the globe to benefit from the SACE Push Facility. By the same token, we are also delighted to expand our relationships with Italian institutions, with whom TDB Group has already been working for a number of years, financing projects in renewable energy and manufacturing, as well as trade transactions supporting food security, job creation, and SMEs in our member states."
“This is a landmark transaction as it is the first Push Facility offered to a multilateral development bank like TDB – declared Michal Ron, Chief International Business Officer of SACE -. The facility, fully in line with the strategic objectives of Italy’s Piano Mattei, will leverage opportunities and connect Italian and African companies in key sectors like renewable energy, agribusiness, manufacturing, health and transports.”
“Citi is proud to work with SACE once again with this exciting new facility. We are committed to unlocking economic growth and progress, and this facility supports both Italian value chains and economic development across African – a true win-win.” remarked Richard Hodder, Global Head of Export & Agency Finance.
“SMBC is very proud to have curated, lead and arranged a SACE Push Facility with two of our key partners TDB and SACE - a bespoke solution and the first of its kind globally for a financial institution,” commented Layth Irani, Managing Director and Co-General Manager of International and Structured Finance, SMBC Group. “This SACE Push Facility further solidifies the diversity and depth of our relationship with TDB and SACE whilst continuing to support TDB’s mission of fostering regional growth and integration.”
The signing of this agreement reflects the shared dedication of TDB Group, SMBC, Citi, and SACE to advancing economic growth, regional integration, and sustainable development. This collaboration is poised to positively impact livelihoods across TDB’s member states by enhancing access to finance, encouraging entrepreneurial activities, and promoting financial inclusion.
