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Barclays Africa Group Limited and China Development Bank (CDB) have signed a memorandum of understanding (MoU) aimed at strengthening co-operation and exploring opportunities to fund development projects in Africa.

Barclays China Development BankThe CDB was established in 1994 as a policy bank but now operates as a Development Finance Institution (DFI) for the Chinese Government. By 2017, CDB supported more than 500 projects in 43 African countries, valued at $50-billion. Barclays Africa is one of the largest banks on the continent. Its experience and reach makes it well positioned to provide a unique value proposition to local, regional and global clients, the bank said in a statement.

Barclays Africa will leverage the MoU to unlock opportunities in order to strengthen its contribution towards Africa’s economic growth and development. It will also “extract synergies” from the CDB’s focus on inclusive finance to provide capital to SMEs and low income communities.

The two financial organisations will explore reciprocal training and development opportunities for their respective investment teams. Barclays Africa has already hosted more than 30 employees from the CDB as part of this initiative.

“This MoU represents a long-term commitment by senior leadership at Barclays Africa to strengthen our relationship with the world’s largest development finance institution, which has assets of over $2-trillion. This partnership will unlock opportunities that are aligned to our Shared Growth approach and could facilitate positive socio-economic impact,” says Barclays Africa’s Corporate and Investment Banking (CIB) Co-Chief Executive, Temi Ofong.

“Strengthening these kinds of relationships will help our Group identify opportunities aligned to our Shared Growth commitment to leave our communities better than we found them. As a pan-African bank, Shared Growth gives our business an exciting opportunity to make a difference in our communities and to be part of shaping the collective futures of this great continent.”

Image credit:  Copyright: paulmz / 123RF Stock Photo

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