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Afreximbank pledges support for Ethiopia exportsWednesday, January 13, 2016 > 09:58:39
(The Africa Report)
The African Export-Import Bank (Afreximbank) has pledged to support Ethiopian entrepreneurs seeking to add value to coffee, cotton, textile, leather and other commodities for export.
Afreximbank president Benedict Oramah said his bank would also work with businesses involved in the importing or creation of products used to build infrastructure, including renewable energy projects.
The bank 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," Oramah said in a statement read at an Afreximbank event in Addis Ababa on Monday.
He said Afreximbank was prepared to use its array of programmes and facilities to support the Ethiopian economy. Speaking at the same event, Ethiopian government officials said the country's partnerships with the bank had been successful so far.
National Bank of Ethiopia deputy governor Getahun Nana, said the meeting with Afreximbank presented "an opportunity to enhance and build new partnerships".
Afreximbank has supported projects worth over $100 million in Ethiopia, spanning infrastructure and the financial services sector.
"Trade remains an important engine for our growth," Nana said. "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."
Commercial Bank of Ethiopia, which has a long-standing relationship with Afreximbank, has facilitated importation of power and energy equipment worth more than $90 million.
The bank urged Afreximbank to also extend similar support to other local financial institutions to enable them to finance trade-related activities in Ethiopia.