Addis Ababa: The African Import-Export Bank (Afreximbank) has expressed a desire to expand its operations in Ethiopia by engaging with local business communities. The aim is to introduce Afreximbank’s established programs beyond the banking sector to promote broader economic growth.
According to Ethiopian News Agency, Afreximbank’s East African regional office is set to host a roadshow in Addis Ababa from June 2-3. The event, themed ‘Empowering Ethiopia’s Growth: Catalysing Trade, Investment and Industrialization through tailored Afreximbank solutions,’ will focus on fostering trade and investment through specialized solutions offered by the bank.
Founded in 1993, Afreximbank is a Pan-African multilateral financial institution with the primary goal of promoting intra- and extra-African trade. The bank includes 53 African member states and 12 Caribbean member states, allowing it to extend its funding activities and programs to CARICOM states.
Afreximbank operates seven regional offices across Africa and the Caribbean, including locations in Egypt, Uganda, Zimbabwe, Cameroon, Nigeria, Cote d’Ivoire, and Barbados. Ethiopia, a founding member state, ratified the Afreximbank Establishment Agreement in 1994.
In the past five years, Afreximbank has facilitated trade transactions valued at US$ 4.7 billion in Ethiopia through its Trade Facilitation (AFTRAF) program. In 2024, the bank settled international trade payments worth US$ 32 billion for Ethiopian companies using the Afreximbank Trade Payment Services (AfPAY) program.
The strategic importance of Ethiopia, with its population of 129 million, makes it a key country in East Africa and the continent. Afreximbank aims to leverage this potential by engaging with both private and public business communities to drive development in sectors like manufacturing, agribusiness, infrastructure, energy, and tourism.