President Meets with IFC Vice President, Ant Group CEO

Addis Ababa July 03/2018 President Mulatu Teshome held discussion today with International Financial Corporation (IFC) Vice President Jingdong Hua and Alibaba affiliated Ant Financial Services Group CEO Eric Jing about modernizing the financial system in Ethiopia. After the presentation of a financial service project by the companies, the President said parts of the project focusing on low income groups and technology transfer are commendable. He, however, noted that discussion about the financial policies and regulations of the country with stakeholders and the pertinent officials is necessary. The institutions want to bring technology and money supply to the country, it was learned. IFC Vice President and Treasurer, Jingdong Hua said “we are very happy to introduce and finance Africa and Ethiopia, hopefully through partnership with the government and private sector.” Hua added that IFC can introduce FinTech (Financial Technology) “as a new engine to accelerate financial inclusion. We look forward to work with the Ethiopian government and private sector to move this forward.” Ant Financial Services CEO, Eric Jing said his organization is extremely excited to partner with IFC and UNECA to work in Ethiopia. Jing said, “We are extremely excited to partner with IFC and UNECA and some local entrepreneurs and companies in Ethiopia to promote financial inclusions.” UN Economic Commission for Africa Executive Secretary, Vera Songwe on her part said “we are bringing financial institutions which have the largest platform for financial inclusion for people with very small economic capacity that are getting in society.” Songwe stated that they had conversation with the President on bringing IFC’s financial capital and experienced technology.