Ethiopia: NBE Lauds Afreximbank Support to Ethiopia\'s Development

Posted on :Wednesday , 23rd December 2015

The National Bank of Ethiopia (NBE) said that the existing partnership with African Export - Import Bank (Afreximbank) has proven to be a success in supporting projects in Ethiopia in excess of 100 million USD in facilities covering transactions in infrastructure and financial services sectors.

Speaking at Afreximbank Seminar held at Sheraton Addis yesterday, Bank Vice Governor Getahun Nana said: "Trade remains critical for the country's economic success particularly through the promotion of greater value added industries and industrial development."

He further said that the country's overall economic growth will remain strong over the coming years. Thus, enhancing collaboration with Afreximbank would provide an opportunity for Ethiopian entrepreneurs and investors to mobilize additional finance to support public investment and private sector development.

"Trade remains an important engine for our growth. The essence of my remark is to encourage Ethiopian banks and business to extend the cache of finance options available for expanding their businesses and thereby support Ethiopia's development ambitions."

Ethiopian entrepreneurs and business sector should, therefore,aim at taking advantage of the various trade agreement instruments to tap into new regional and international markets, he said.

Indicating the full worth of the Bank's partnership with Afreximbank, Commercial Bank of Ethiopia (CBE) Communication Manager Ephrem Mekuria said it would continue nurturing it to facilitate the growth of trade finance on the African continent. CBE is Afreximbank shareholder and over the years the two institutions have built a rewarding and long standing relationship aimed at supporting the growth of Ethiopia's commerce. Afreximbank and CBE have jointly facilitated the importation of power and energy equipment valued at over 90 million USD, which has since been successfully deployed and commissioned in Ethiopia.

Afreximbank East African Regional Manager Kudakwashe Matereke said that Afreximbank thrives on cooperation and views partnership as critical for the attainment of its strategic objective in the areas of trade promotion and economic development. It is prepared to avail its full array of programmes and contribute to Ethiopia's economic growth.

"Over the past decade, the public sector led development strategy with its focus on heavy investment infrastructure has underpinned the country's strong growth. This high rate of growth has been inclusive, spanning different economic sectors and benefiting both urban and rural communities. Growth has been inclusive creating a large number of new jobs both in public and private sector particularly in the construction sector," he said.

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