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.
DISCLAIMER
The opinions expresses here in the post "Five Ethiopian Commercial Banks Secure a Credit Arrangement Worth $450 Million" are those of the individua's contributor(s) and do not necessarily reflect the views of Business Info Ethiopia , BIE Intelligence PLC, its publisher, editor, or any of its other contributors.
