Commercial Banks to Secure $500m from Afreximbank


Commercial Banks to Secure $500m from Afreximbank

The African Export-Import Bank (Afreximbank) is to avail half a billion dollars to 18 commercial banks in Ethiopia through its Afreximbank Trade Facilitation (AfTRAF) programme. The programme aims to increase and diversify trade in Africa as well boost confidence among trade partners. The Bank had previously been working with the Commercial Bank of Ethiopia (CBE) in operating the AfTRAF programme in the country, and is planning to onboard 10 private commercial banks by the end of this year. "It'll ease the recurring forex shortage and is instrumental to boost intra-Africa trade," said Yinager Dessie, governor of the National Bank of Ethiopia (NBE), during a discussion held at the Radisson Blu last week. The banks will receive the credit from the multinational financier based on a directive drafted by the central bank to govern foreign currency intermediation between the banks. Drafted a year ago, the directive allows commercial banks to borrow foreign currency from international financial institutions.


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Coffee Exports Bring in 1.5B Br in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


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Central Bank Holds Fourth Exchange Auction

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City Registers 64,075 Births in Fiscal Year

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