The African Development Bank has approved a $4 million trade finance guarantee for Access Bank Sierra Leone Limited (ABSL). This initiative aims to empower small and medium-sized enterprises (SMEs) and local businesses in Sierra Leone, particularly women-led enterprises.

The guarantee, rated AAA, ensures full coverage for international confirming banks against non-payment risks associated with ABSL’s trade finance operations. This support will enable ABSL to facilitate the importation of essential goods, including rice, cereals, and cooking oil, while strengthening key value chains. Over the next three years, the facility is projected to support $36 million in trade, advancing regional commerce in alignment with the Africa Continental Free Trade Area (AfCFTA) objectives.

“This initiative is a significant step forward for Sierra Leone's private sector. By bridging financing gaps, we are fostering greater SME participation in both regional and global markets, contributing to job creation and improved living standards,” stated Lamin Drammeh, Head of Trade Finance at the African Development Bank.

Ganiyu Sanni, Managing Director at ABSL, added, “This guarantee will help us expand our trade finance portfolio, particularly in critical sectors like agribusiness and intermediate goods trading, enhancing Sierra Leone’s economic resilience.”

The guarantee is part of the African Development Bank’s broader suite of trade finance tools designed to assist local banks across Africa. Launched in 2021, these instruments mitigate risks and provide access to much-needed credit lines, including trade loans and promissory notes. By leveraging its AAA rating, the Bank offers critical support to local banks, enabling them to address the challenges of limited credit lines and cash margin requirements.

This program underscores the Bank’s commitment to fostering economic growth, strengthening local markets, and advancing sustainable development across Africa.