{"id":323381,"date":"2021-09-16T12:14:07","date_gmt":"2021-09-16T12:14:07","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=323381"},"modified":"2021-09-16T12:14:07","modified_gmt":"2021-09-16T12:14:07","slug":"afreximbank-commits-us500-million-to-support-ethiopian-commercial-banks","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/09\/16\/afreximbank-commits-us500-million-to-support-ethiopian-commercial-banks\/","title":{"rendered":"Afreximbank commits US$500 Million to support Ethiopian Commercial Banks"},"content":{"rendered":"

African Export-Import Bank (Afreximbank) has committed to provide US$500 Million to support Ethiopian commercial banks<\/span><\/p>\n

The funds will be paid 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. Specifically, the programme is designed to enable and escalate trade activities and investments through, among other measures: the provision of bank-to-bank Reimbursement Undertaking facilities; issuances of Promissory Notes & Bills of Exchange Aval facilities; issuances of Bonds, Guarantees & Indemnities (BGI) facilities; and issuances of Trade Confirmation Guarantee facilities.<\/span><\/p>\n

 <\/p>\n

To support these initiatives, the Bank today sponsored a forum gathering key stakeholders and decision-makers from Ethiopia\u2019s banking sector, as part of a wider strategy to deepen its relationships with, and support for, the country\u2019s commercial banks. Central to this effort, and the focus of today\u2019s forum, is the AfTRAF Programme for commercial banks in Ethiopia, which aims to unlock capital to support trade finance in Africa.<\/p>\n

 <\/p>\n

Though the Bank\u2019s Ethiopian interventions have traditionally been executed through its relationship with the country\u2019s largest financial institution, the Commercial Bank of Ethiopia (\u2018CBE\u2019) \u2013 with whom it has existing facilities as well as an operating AfTRAF programme \u2013 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.<\/p>\n

 <\/p>\n

In attendance at today\u2019s 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\u2019s 17 key commercial Banks. Participants were presented with the full range of Afreximbank\u2019s programmes and facilities, and familiarised with the Bank\u2019s overarching mandate to promote trade in and between member countries. Representatives from the commercial banks will also receive in-depth training in trade finance from Afreximbank, as part of its ambitious capacity-building exercise in the country.<\/p>\n

 <\/p>\n

Rene Awambeng, Global Head, Client Relations, Afreximbank, said: \u201cCommercial banks play an important role in facilitating and promoting trade \u2013 a core ingredient of economic growth. Today\u2019s forum serves to demonstrate the Bank\u2019s commitment to support Ethiopia\u2019s efforts to expand its trade capacity and establish the knowledge, infrastructure and resources by which this will be achieved\u201d.<\/p>\n

 <\/p>\n

The forum took place in the context of far-reaching reforms undertaken by the Government of Ethiopia to open up its economy for the participation of the private sector. Central to this economic liberalization is the work of the National Bank of Ethiopia to reform the country\u2019s banking sector. These changes are expected to strengthen the capacity of Ethiopian institutions, including commercial banks, to accelerate the development of the Ethiopian economy through trade and investments. The reforms are also expected to increase Ethiopian trade with Africa and the rest of the world.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

ENDS<\/p>\n","protected":false},"excerpt":{"rendered":"

African Export-Import Bank (Afreximbank) has committed to provide US$500 Million to support Ethiopian commercial banks.<\/p>\n","protected":false},"author":4,"featured_media":320218,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-323381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking"],"yoast_head":"\nAfreximbank commits US$500 Million to support Ethiopian Commercial Banks - egy-africa<\/title>\n<meta name=\"description\" content=\"African Export-Import Bank (Afreximbank) has committed to provide US$500 Million to support Ethiopian commercial banks\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2021\/09\/16\/afreximbank-commits-us500-million-to-support-ethiopian-commercial-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Afreximbank commits US$500 Million to support Ethiopian Commercial Banks - 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