Bank & Insurance
DFC to support Citibank in its African risk markets

DFC to support Citibank in its African risk markets

The American bank is set to invest in five of its subsidiaries on the continent and in the Middle East. The development organisation has chosen to lend its support by guaranteeing funds.

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            ▪ DFC to support Citibank in its African risk markets

▪ The American bank is set to invest in five of its subsidiaries on the continent and in the Middle East. The development organisation has chosen to lend its support by guaranteeing funds.

http://www.jeuneafriquebusinessplus.com/en/806392/dfc-to-support-citibank-in-its-african-risk-markets/

15/12/2020 at 16h08, by Jeune Afrique Business+

Over the next three tax years, the New York-based banking giant – with more than $1.9tn in assets – plans to spend $49m on several of its subsidiaries in sub-Saharan Africa and the Middle East. These capital investments, made by parent company Citibank, N.A., will be allocated to subsidiaries in five countries – Algeria, Lebanon, DR Congo, Zambia and Tanzania – which are considered risk markets for the group. The bank had not responded to our requests for information concerning how these funds would be distributed by the time of publication.

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