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Afrexim Bank Avails $500m Facility to Commercial Banks

September 15 , 2021

A pan-African multilateral financial institution is to avail half a billion dollars in a financial facility to commercial banks in Ethiopia by the end of this month.

The African Export-Import Bank (Afreximbank) will provide the resources through the bank's trade facilitation program, designed to help African financial institutions deal with the impacts of the fall in interest international banks are showing to provide loans to them.

"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 Radisson Blu today.

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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