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Afreximbank commits US$500 Million to support Ethiopian Banks

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The African Export-Import Bank (Afreximbank) has committed to provide US$500 Million to support Ethiopian commercial banks through the Afreximbank Trade Facilitation (AfTRAF) Programme, which 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.

The Bank today sponsored a forum gathering key stakeholders and decision-makers from Ethiopia’s banking sector, as part of a wider strategy to deepen its relationships with, and support for, the country’s commercial banks. Central to this effort, and the focus of today’s forum, is the AfTRAF Programme for commercial banks in Ethiopia, which aims to unlock capital to support trade finance in Africa.

Though the Bank’s Ethiopian interventions have traditionally been executed through its relationship with the country’s largest financial institution, the Commercial Bank of Ethiopia (‘CBE’) – with whom it has existing facilities as well as an operating AfTRAF programme – Afreximbank aims to develop strong partnerships with all commercial banks in Ethiopia, and is actively pursuing its target of signing up, and providing the AfTRAF Programme to 10 other commercial banks in Ethiopia by the end of 2021.

In attendance at today’s Business Forum was the Governor of the National Bank of Ethiopia, Dr. Yinager Dessie, as well as the Chairman of the Ethiopia Bankers Association and the CEOs of Ethiopia’s 17 key commercial Banks

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