Kenya’s Stanbic Bank and the Industrial and Commercial Bank of China (ICBC) launched an initiative in Kenya on Wednesday to boost China-Africa trade.
The two banks have partnered with Chinese trade agent Zhejiang International Trading Supply Chain Co., Ltd..
The Africa China Agent Proposition (ACAP) connects African importers with Chinese suppliers and eases importers’ cash flow by providing financial support and facilitating importing and logistics process.
The ACAP initiative has already been rolled out in Nigeria, Ghana and South Africa and the plan is to activate it in a total of 20 African countries by the end of this year.
Stanbic Bank Kenya, a listed commercial bank in Kenya, is part of Standard Bank Group, a leading African financial services organization. ICBC, one of China’s largest banks, has a 20.1 percent stake in Standard Bank Group.