Connect with us

Tech

IFC partners Ethiopia’s Zemen Bank to strengthen trade financing

Published

on

The International Finance Corporation (IFC) has partnered with the Zemen Bank of Ethiopia to strengthen trade financing in the country.

The deal, according to Ato Dereje, CEO of Zemen Bank, sees IFC welcoming Zemen Bank as the newest member of its Global Trade Finance Program (GTFP) and provides the bank with a trade finance facility to support Ethiopian exports and imports.

Zemen Bank has been taking different impactful initiatives since its establishment, such as this one, aimed at facilitating the financing of vital trade in goods and fostering the establishment of new trading alliances for Ethiopia,” Dereje said.

“Concurrently, the program will significantly boost trade finance for numerous import-export enterprises, particularly during periods of global economic volatility.”

The bank CEO further noted that IFC’s $30 million trade finance facility guarantee will help strengthen Zemen Bank’s trade finance operations and assist in developing new trade partnerships for businesses in Ethiopia.

Madalo Minofu, IFC Country Manager for Ethiopia who also spoke at the signing ceremony, said IFC’s trade financing is also part of its $1 billion Africa Trade and Supply Chain Finance Program (ATRI), which is supporting Africa’s regional trade development and helping to reduce the continent’s reliance on imports.

“Increasing access to trade finance is critical to boosting trade in Africa. Our partnership with Zemen Bank through IFC’s Global Trade Finance program will contribute to strengthening Ethiopia’s ability to finance essential trade of goods and open the door to new trading partnerships for the country,” he said.

“IFC is committed to supporting Ethiopia’s private sector growth, which is focused on strengthening agribusiness value chains, supporting the growth of manufacturing, and increasing access to digital connectivity,” he added.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

Nigeria’s MAX partners Ghana’s Kofa in e-bike financing deal

Published

on

Nigeria’s electric vehicle solutions provider, MAX, has announced striking a partnership deal with Ghana’s innovator in energy networks, Kofa, that will see MAX offering financing options for over 2,000 revolutionary TailG Jidi bikes.

The bikes which are developed by Kofa in conjunction with TailG, a Chinese manufacturer, were launched in October last year and has been a big hit in the West African country.

A statement by MAX on Thursday, stated that the partnership marks a significant milestone in making green transportation more accessible in Africa.

“Max’s financing options for the motorbikes will enable more individuals and businesses to adopt eco-friendly transportation, aligning with both companies’ vision of a sustainable future,” it said.

“This collaboration between MAX and Kofa is a step towards a greener, more sustainable Africa.

“This partnership is poised to accelerate the transition to green energy and sustainable transportation in Africa,” the company said.

“The coming together of the two democratises access to vehicle ownership and electric mobility across Africa through a tech-driven platform that offers a spectrum of services, including subscription-based vehicle financing,cutting-edge electric vehicle options, and comprehensive support services.

“Kofa, meanwhile, is focused on creating affordable, sustainable, and customer-driven electricity networks, starting with electric motorcycles.

“The startup partnered TailG Group, a leading electric vehicle brand from China, to launch the Jidi electric motorcycle last October, and subsequently announced the planned launch of its second-generation Kore 2 Swap & Go network,” it added.

Continue Reading

Tech

African Guarantee Fund partners Nordic Development Fund to launch green finance in Nigeria

Published

on

The African Guarantee Fund (AGF) has teamed up with the Nordic Development Fund (NDF) to launch a green finance fund to tackle climate challenges in Nigeria.

The fund which was launched on Tuesday at the 9th Edition of the Green Finance Conference with the theme “The Role of Africa’s Private Sector in The Paris Agreement on Climate Change,” brought together representatives of the Nigerian government, senior executives of financial institutions, key regulatory-policy stakeholders, and Green SMEs to discuss green synergies.

According to the organisers of the event, the Green Finance Conference provided a platform for all stakeholders to “dialogue and showcase the many advantages that Green SMEs can contribute to the economy of Nigeria, while strengthening their understanding of AGF’s Green Guarantee Facility and how it enables banks on-lend to green and climate-smart projects.”

AGF Group Chief Executive Officer, Jules Ngankam, who delivered a keynote address, emphasized that the Green Finance Conference is a crucial response to the challenges posed by climate change within a framework of National Determined Contributions (NDC) with a focus on providing enhanced expertise to Africa while proposing practical solutions to addressing financing for smaller and medium-sized enterprises committed to green growth and climate-resilient development.

“Our aim is to support the banks to improve, increase or develop their green portfolios. Through the combination of our Green Guarantee and Capacity Development support, we are able to bridge the knowledge gap between both financial institutions and their customers,” he said.

“This is not only for the SMEs to understand how the lending process works, but also for the financial experts to learn how they can provide solutions tailored to suit the needs of the SMEs,” Jules said.

Managing Director of NDF, Satu Santala, who also spoke at the conference, said:

“We are committed to financing green and inclusive low-carbon and climate resilient growth of African economies to improve the livelihood of communities.

“Partnerships are at the core of NDF’s approach to climate finance and the African private sector plays a pivotal role in climate action and creating employment.”

Continue Reading

EDITOR’S PICK

Metro8 hours ago

‘Reconsider your anti-people policies, they are causing hardship, insecurity in Nigeria’— PDP tells Tinubu

Nigeria’s main opposition party, the Peoples Democratic Party (PDP), has called on President Bola Tinubu to consider what it calls...

Sports1 day ago

Top European, Asian clubs on alert as Super Eagles keeper set to make contract decision

Some top clubs in Europe and Asia have been put on alert as Super Eagles and Chippa United goalkeeper, Stanley...

VenturesNow1 day ago

IMF says South Africa needs to do more to cut spending, lower debt-to-GDP ratio

A top official from the International Monetary Fund has revealed that South Africa needs to do more to cut spending...

Politics1 day ago

Burkina Faso expels 3 French diplomats over ‘subversive activities’

According to a letter quoted by Reuters on Thursday, three French diplomats have been sent back to France by Burkina...

Tech1 day ago

Nigeria’s MAX partners Ghana’s Kofa in e-bike financing deal

Nigeria’s electric vehicle solutions provider, MAX, has announced striking a partnership deal with Ghana’s innovator in energy networks, Kofa, that...

Metro1 day ago

Zambia asks EU to help strengthen its democratic initiatives ahead of 2026 elections

The Zambian government has called on the European Union (EU) to help in strengthening democratic initiatives in the country as...

Metro1 day ago

Nigeria destined to become major global economy under Tinubu— VP Shettima

Nigeria’s Vice President, Kashim Shettima, has predicted that the country is destined to become a major economic force in the...

VenturesNow1 day ago

Nigeria’s central bank insists depleting external reserves not due to Naira defence

According to the Central Bank of Nigeria (CBN), the big drop in the country’s foreign exchange reserves was not due...

Tech2 days ago

African Guarantee Fund partners Nordic Development Fund to launch green finance in Nigeria

The African Guarantee Fund (AGF) has teamed up with the Nordic Development Fund (NDF) to launch a green finance fund...

Sports2 days ago

Ethiopia’s Lemma, Kenya’s Obiri give Africa double podium finish at Boston Marathon

Ethiopia’s long distance runner, Sisay Lemma, and Kenyan female marathon sensation, Hellen Obiri, teamed up to give Africa a double...

Trending