Private Financial Institutions Pledge to Continue Supporting Export Trade

Addis Ababa November 10/2018 Private financial institutions have expressed their willingness to help improve the low export performance of the country with all their means. In an exclusive interview with ENA, Yohannes Mitiku  from Awash Bank said banks could play a big role in scaling up the low performance of the export trade by lowering loan interest rates and providing pre-loan services. They can also encourage FDI flow which is among the major challenges of the government at the moment, he added. “Our message for exporters is that our door is wide open and we are ready to support you in any area you are interested to engage in,” Yohannes stated. Export Officer at Nib International Bank, Yewubdar Bekele said her bank is providing services for both individuals and unions. “We can reach them through our door-to-door service, which Nib Bank is specially working closely with coffee exporters and farmer unions,” she pointed out. According to her, the bank is offering a clean-base service, which is service without pre-payment and lower interest rate, to farmers. She called on new exporters to contact and communicate with them to solve their financial constraints sustainably. Senior Marketing Expert from Dashen Bank, Nega Shibabaw said the bank has been working hard to promote export and collaborate with exporters, particularly with those working on import substitution. “We have a department dedicated to trade and investment service. With this department, we have promoted and supported some well known investors like sesame exporters and leather producers, among others,” Nega pointed out. He added that the bank has been inspiring exporters by organizing customers’ day and preparing seminars to mobilize exporters. According to him, Dashen Bank also prepares forums where experts lecture on creating financial cooperation between financial institutions and exporters. Export Manager of BEAEKA General Business Plc., Tsegaye Kifle said on his part “the contribution of financial institutions is immense for us because no-one can bring those millions or billions at a time. So, most of the investors essentially rely on banks for their businesses.” According to Tsegaye, financial institutions, especially banks, are crucial for export trade with their long and short term loans.