AFREXIMBANK Approves 500 Mil USD in Support of Ethiopian Banks

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Addis Ababa September 15/2021 (ENA) African Export-Import Bank (AFREXIMBANK) has approved 500 million USD to support Ethiopian Banks in the form of credit.

AFREXIMBANK was established in Abuja, Nigeria in October, 1993 by African Governments, African private and institutional investors as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extra-African trade.

Ethiopia is one of the founders and shareholders of the AFREXIM Bank.

The leaderships of the AFREXIMBANK and Ethiopian Banks are conducting a three-day meeting and training in Addis Ababa.

Director and Global Head Client Relations at AFREXIMBANK, Rene Awambeng said at the event that the bank is not here to compete with other African banks rather its target is to resolve African financial problems by Africans.

According to the Director, AFREXIMBANK has been provided over 25 billion USD support for projects in the African finance and trade sectors.

The bank has been providing financial support to African governments; he said adding that it has so far extended over 3 billion USD for the fight against COVID-19 pandemic which benefited over 16 countries in the continent.

Additional 2 billion USD will also be provided for all African nations to purchase COVID-19 vaccine, he stated.    

Innovation, capacity building, financial support and designing policy were stated among the major areas of cooperation between the bank and African governments, it was indicated.

He said that despite the global impact of COVID-19, Ethiopian Banks are in good shape.

According to him, Ethiopia with a population of over 110 million people has ample market opportunities in the Horn Africa in the sector.

The bank will continue providing supports in the framework of pan-Africanism so as to transform the trade exchange among the African countries, he indicated.

“Cognizant of the importance of the Ethiopian banking sector in supporting the economic development agenda, I am therefore very pleased to announce to you that, the AFREXIMBANK has decided and approved a dedicated support to Ethiopian banks in the sum of 500 million USD under the African Trade and Finance Facilitation Program,” he affirmed.

Accordingly, about 18 banks are already identified in the market and various stages are finalizing the credit approval.  

Governor of the National Bank of Ethiopia, Yinager Dessie said for his part that the AFREXIMBANK established in a view to transform trades within Africa and creating trade ties globally.

Stating that plenty of African countries have been benefited from the AFREXIMBANK, however, he said that Ethiopia has not been benefited much despite being one of the founders of the bank.

The national bank of Ethiopia is committed to working closely with AFREXIMBANK so as to enhance the cooperation.