Tuesday, 22 December 2015

News Release: Afreximbank Pledges Support For Export-Focused Ethiopian Businesses

Kudakwashe Matereke, Afreximbank’s Regional Manager for East Africa, during his presentation

The African Export-Import (Afreximbank) will support Ethiopian entrepreneurs seeking to engage in export manufacturing, especially to add value to coffee, cotton, textile, leather and other commodities, Bank President Dr. Benedict Oramah announced in Addis Ababa today.

In a statement to the opening of a business forum organized by the Bank, Dr. Oramah, who was represented by Kudakwashe Matereke, Afreximbank’s Regional Manager for East Africa, said that the Bank would also work with businesses engaged in importing or creating infrastructure goods, including renewable energy projects. It would also collaborate with government agencies and commercial banks to expand local involvement in the oil and gas, mining and agriculture sectors. 

“Our ConTour facility is available to investors in the tourism sector,” he added, saying that Afreximbank was prepared to make its full array of programmes and facilities available in support of the Ethiopian economy.

Also speaking, Getahun Nana, Vice-Governor of the National Bank of Ethiopia, welcomed  Afreximbank’ s support to the Ethiopian economy, which, he noted, came to more than $100 million in the last few years.

“The business forum represents an opportunity to enhance and build new partnerships,” he said. 

Ephrem Mekuria Tilahun, speaking on behalf of Bekalu Zeleke, President of the Commercial Bank of Ethiopia (CBE), commended the long-standing relationship between the CBE and Afreximbank, noting that the two had jointly facilitated import of power and energy equipment worth more than $90 million into Ethiopia.

He urged Afreximbank to also extend similar support to other local financial institutions to enable them finance trade-related activities in Ethiopia.

Participating in the one-day forum were institutions and corporate entities engaged in trade finance and trade-related activities as well as representatives of business associations, chambers of commerce and government agencies.

The event is part of an awareness campaign being organized by Afreximbank in its member countries to enhance knowledge about the Bank, further business linkages and expand trade finance activities.

Yannick Fokou
External Communications

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