Tanzania, May 1 -- Dar es Salaam. British International Investment (BII), the UK's development finance institution, has inked a $100 million risk-sharing facility with Citi, in a bid to bolster trade finance and support small and medium-sized enterprises (SMEs) and corporates in Tanzania and other African economies.

Announced during a signing ceremony at the World Bank's Spring Meetings in Washington, the initiative aims to address the critical lack of foreign currency in the region.

By providing trade finance liquidity to Citi's network of commercial banks, the investment seeks to enable financial institutions to support African businesses in importing key commodities like wheat, fertilizer, rice, and sugar.

The BII and Citi facility ...