Addis Ababa, Ethiopia, February 22, 2024—IFC today welcomed Ethiopia’s Zemen Bank as the newest member of its Global Trade Finance Program (GTFP) and provided the bank with a trade finance facility to support Ethiopian exports and imports.

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.

“Zemen Bank has been taking different impactful initiatives since its establishment, among others the GTF programs, aimed at facilitating the financing of vital trade in goods and services and fostering the establishment of new trading alliances for Ethiopia. This facility further cemented the banks credibility among its international partners. Concurrently, these services and programs will significantly boost the confidence of trading partners engaged in import and export business, particularly during periods of global economic volatility," said Dereje Zebene, CEO of Zemen Bank.
“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,” said Madalo Minofu, IFC Country Manager for Ethiopia.