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Afreximbank to provide $500m to Ethiopian commercial banks

The African Export-Import Bank (Afreximbank) Wednesday announced plan to provide $500 million to back up Ethiopian commercial banks through its…

The African Export-Import Bank (Afreximbank) Wednesday announced plan to provide $500 million to back up Ethiopian commercial banks through its trade facilitation program.The announcement came after bank held a meeting with the governor of the National Bank of Ethiopia, Dr. Yinager Dessie and CEOs of 17 commercial banks, on the Afreximbank Trade Facilitation (AfTRAF) program.

The program incorporates various products devised to increase intra-extra African trade volumes, diversify the character of this trade, and assure the confidence of trade partners in the settlement of international trade transactions for critical imports into Africa.

In particular, the programme is designed to enable and escalate trade activities and investments through, among other measures: the provision of bank-to-bank Reimbursement, according to Afreximbank.

The Bank’s interventions in Ethiopia have traditionally been executed through its relationship with the country’s largest financial institution, the Commercial Bank of Ethiopia (CBE).

“Today’s forum aims to develop Afreximbank’s strong partnerships with all commercial banks in Ethiopia, and facilitate provision of the AfTRAF Program to 10 other commercial banks in Ethiopia by the end of 2021,” said Rene Awambeng, Global Head, Client Relations of Afreximbank.

“The forum serves to demonstrate the Bank’s commitment to support Ethiopia’s efforts to expand its trade capacity and establish the knowledge, infrastructure and resources by which this will be achieved,” he added.

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