Following the commitment of the African Export-Import Bank (Afreximbank) to provide $500 Million to support Ethiopian commercial banks through the Afreximbank Trade Facilitation (AfTRAF) Programme, 5 commercial banks have secured $450 million credit line. The goal is to increase intra-extra African trade volumes, diversify the nature of this trade, and ensure trade partners’ confidence in the settlement of international trade transactions for important imports into Africa.
The state-owned Commercial Bank of Ethiopia, Awash, Dashen, Abyssinia, and Abay banks, received funding from Afreximbank. The bank has provided a credit facility worth $7 billion to African countries to assist them cope with the pandemic’s effects, making it the continent’s second-largest source of cash following the IMF.
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