Addis Ababa: African Export-Import Bank (Afreximbank) has praised Ethiopia’s transformative economic reforms, reaffirming its commitment to scaling up continued support for one of Africa’s fastest growing economies. In an exclusive interview with ENA, Client Relations Acting Group Managing Director at Afreximbank, Eric Monchu Intong, commended Ethiopia’s immense reforms being implemented in various spheres.

According to Ethiopian News Agency, the Acting Group Managing Director highlighted the significance of Ethiopia’s financial sector reforms, including the deregulation of the foreign exchange market and the promotion of local manufacturing for import substitution. He emphasized that these changes are driving advancements in agriculture, transportation, manufacturing, logistics, and other critical sectors.

Intong explained that Afreximbank is prepared to leverage its financial tools, such as short, medium, and long-term loans, as well as guarantees and specialized financing, to support Ethiopia’s economic growth. He noted that Ethiopia, as a founding member of Afreximbank, plays a vital role in the bank’s initiatives.

Since 2021, Afreximbank has allocated approximately 2 billion USD to Ethiopia on a revolving basis. However, Intong acknowledged that this amount does not suffice, given the country’s GDP, population, and ongoing economic reforms. He expressed confidence that the bank could manage an exposure of 5 billion USD over the next three to five years.

Afreximbank has also signaled its readiness to finance trade and trade-enabling projects, such as railways, airports, industrial parks, local manufacturing, and value-added exports like coffee. Intong further noted that Ethiopia’s GDP is expected to maintain its upward trajectory, solidifying its status as one of Africa’s fastest growing economies.