A $1 billion loan agreement has been signed between the National Bank of Ethiopia and the African Export-Import Bank (Afreximbank).

The agreement aims to secure a $1 billion USD loan for Ethiopian banks, according to National Bank Governor Dr. Yinager Dessie. The agreement will also support trade and investment activities in Ethiopia, according to the signing ceremony.

He stated that the loan agreement is critical for resolving the country’s foreign exchange shortage and stimulating the economy.

Representatives from the private banks that will benefit from the loan were also in attendance at the signing ceremony.

Source: FBC


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