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By: Getahun Tsegaye
Staff Reporter
Addis Ababa, Ethiopia – Awash Bank, a leading private bank in Ethiopia, has received a major financial boost with a $50 million trade facility from the African Development Bank (AfDB).
In a statement issued today, Awash Bank said that the AfDB’s Board of Directors approved the Trade Finance Transaction Guarantee facility, which it says will strengthen the Bank’s ability to facilitate trade.
According to the statement, the facility will allow Awash Bank to provide guarantees of up to 100% to other banks, covering risks of non-payment on Letters of Credit and other trade documents. “This will make it easier for Small and Medium-Sized Enterprises (SMEs) and other Ethiopian companies to access financing for imports,” it read. Adding, “The initiative is also set to promote trade within Africa, supporting the goals of the African Continental Free Trade Area (AfCFTA).”
“We’re excited to partner with Awash Bank, a trusted institution with deep roots in Ethiopia,” said Lamin Drammeh, head of Trade Finance at the AfDB. “Supporting trade across Africa is a top priority for us. Trade finance drives economic growth and is essential for cross-border trade, especially in developing markets.”
“This Trade Finance Transaction Guarantee from the AfDB will reduce the burden of arranging cash collateral with other banks,” Awash Bank’s CEO, Tsehay Shiferaw, said. “It gives us greater financial flexibility to support our trade customers and strengthens our relationships with international and African banks.”
Tsehay added that Awash Bank is eager to deepen its partnership with the AfDB, leveraging the bank’s resources to further empower Ethiopian businesses.
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