African import-export bank has approved USD500 million, which will be shared among 18 commercial banks in Ethiopia.
“I have also asked Afrexim bank to open office in Ethiopia,” said Yinager Dessie, governor of National Bank of Ethiopia (NBE), after launching a two-day technical discussion between Afrexim and Ethiopian banks, on how to utilize and return the loan.
The trade fiancé aimed at fostering intra-Africa trade. The Ethiopian banks will commence receiving the credit by end of September.
Afrexim bank, which is established by 51 African nations as members, provided in excess of USD1 billion for Ethiopia so far, excluding the latest deal.