$500 Million being disclosed by the African Export-Import Bank (Afreimxbank) to Ethiopian Commercial Banks
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- …through its marketing facilitation program, The African Export-Import Bank (Afreximbank) has on September16th, 2021 confirmed proposal to give $500 million to back up Ethiopian commercial banks through its business facilitation program. The
news came after the bank clenched 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 integrates different products ad lib to boost intra-extra African trade volumes, modify the composition of this trade, and ensure the morale of trade allies in the concession of international trade marketing’s for significant imports into Africa. Specifically, the programme is formulated to allow and escalate trade activities and investments through, amongst other measures: the provision of bank-to-bank Reimbursement, according to Afreximbank.
The Bank’s interventions in Ethiopia have traditionally been implemented through its connection with the nation’s enormous 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,” mumbled 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 expanded.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent