- With the objective of scaling up trade and investment, the National Bank of Ethiopia and African Export-Import Bank (Afreximbank), the pan-African multilateral trade finance institution under African development Bank, have agreed to collaborate and have signed a Memorandum of Understanding (MoU).
- The Agreement was signed by Yinager Dessie, Governor National Bank of Ethiopia and Afreximbank President and Chairman, Professor Benedict Oramah.
With the objective of scaling up trade and investment, the National Bank of Ethiopia and African Export-Import Bank (Afreximbank), the pan-African multilateral trade finance institution under African development Bank, have agreed to collaborate and have signed a Memorandum of Understanding (MoU). The Agreement was signed by Yinager Dessie, Governor National Bank of Ethiopia and Afreximbank President and Chairman, Professor Benedict Oramah.
Under the Agreement, African Export-Import Bank will extend 1 billion USD to select Ethiopian banks. The funding support will be utilised to issue Line of credits to support the trade and investment of private and public sectors in the country.
During the signing ceremony, the National Bank of Ethiopia Governor, observed that the MoU has taken place at a critical time when the COVID-19 pandemic has shaken the socio-economic structure of the country. He added that the MOU will give a framework for collaboration to support growth of trade and investment, critical for socio-economic growth. He cited that Ethiopia managed to post a 6.1 percent growth rate in 2020.
