Wegagen Bank has signed a partnership with the International Finance Corporation (IFC) for a $10 million trade finance guarantee to aid Ethiopian importers and exporters. The deal incorporates the bank into IFC's Global Trade Finance Program (GTFP).
Wegagen Bank entered the partnership with IFC through signatures from CEO Aklilu Wubet (PhD) and IFC Country Manager for Ethiopia, Malawi, and Zambia Madalo Minofu.
The guarantee reduces payment risks in international transactions and enables businesses to obtain vital inputs while linking to regional and global markets.
"This strategic partnership agreement with IFC represents a significant milestone for the Bank and will enhance its ability to better serve customers," Aklilu said. IFC's Minofu added, "This partnership reflects IFC’s commitment to expanding access to trade finance in Ethiopia, where many businesses continue to face constraints in financing their cross-border trade."
Wegagen Bank, approaching its 29th anniversary in June, holds the distinction as Ethiopia's first private commercial bank listed on the local capital market. Operating 463 branches across the country, it offers conventional and interest-free services, alongside digital innovations like the Efoyta platform for uncollateralized loans aimed at women, informal sectors, and micro, small, and medium enterprises.
