Zemen Bank has secured a 30 million dollar trade finance guarantee from the International Finance Corporation (IFC) to boost the trade finance operations. A member of the World Bank Group, IFC has welcomed Zemen as the newest member of its Global Trade Finance Program aimed at supporting exports and imports. Signed by Dereje Zenebe, president of Zemen Bank and Madalo Minofu, country manager of IFC, the trade financing is part of the one-billion-dollar Africa Trade & Supply Chain Finance Program. "We are committed to impactful initiatives," said Dereje. Over the past five years, IFC has invested and mobilised more than 105 million dollars in Ethiopia, with hopes of supporting agribusiness, manufacturing and finance sectors. According to Madalo, the IFC is committed to complementing its support to the Bank with an advisory services project, focusing on enhancing its credit and risk management and SME lending efforts.
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