The logo of the China Development Bank is seen at a building in Beijing, Jan 9, 2017. [Photo/VCG]

South Africa's Absa bank and China Development Bank on Aug 18 announced the conclusion of a $100 million Special Facility Agreement to fund small and medium-sized enterprises in Africa, reported Xinhua News Agency.

Absa is a subsidiary of the Barclays Africa Group. The money will benefit Barclays bank's existing and prospective SME clients across the continent. The $100 million will address the current funding needs, and may be increased in the future to assist with new funding opportunities within Barclays's operations, both banks said.