Absa Group plans to establish its first office in China by the end of this year, aiming to connect Chinese companies doing business in Africa with the bank. The move reflects the bank’s commitment to China and its belief in the country’s future growth. China is Africa’s largest trading partner, and Absa Group sees strong revenue growth potential in the China Corridor. In addition to the new office, the bank has signed an agreement with China Development Bank for a working capital facility, further solidifying its relationship with Chinese partners.
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Zimbabwe: Gov’t borrows $193m from Standard Bank, Absa Group to expand health sector
Zimbabwe has secured a $193.3m loan from Standard Bank and Absa Group to fund public hospitals and clinics, according to Finance Minister Mthuli Ncube. The money will be used to construct five district hospitals and 22 health centres across the country’s 10 provinces, starting in June and running for three years. Zimbabwe’s debt crisis means it owes creditors more than $13bn, but has resumed repayments to help restore access to credit.
Categories: Banks -
Absa Bank Uganda extends loan repayment amid economic uncertainty
Absa Bank Uganda has announced a range of financing packages for salaried individuals in order to help customers get through the current uncertain economic environment. The packages include a two-month repayment holiday, 0% arrangement fees, and a seven-year repayment period for unsecured loans for new customers. The bank is also offering up to UGX 2bn ($0.54m) on mortgages and 0% arrangement fees for customers purchasing homes. The moves come as Absa seeks to help its customers achieve their goals in the new year, including home ownership, purchasing land, buying a new car, or starting a business.
Categories: Banks