Wegagen Bank partners with IFC on $10 million trade finance guarantee

Wegagen Bank Partners IFC to Boost its Trade Financing – Ethiopian Monitor

Wegagen Bank has signed a strategic partnership agreement with the International Finance Corporation (IFC), a member of the World Bank Group, for the provision of trade finance guarantee facility. The partnership announced on Thursday builds on IFC’s ongoing advisory services being offered to Wegagen Bank, with focus on strengthening the risk management practices, trade service functions and treasury operations. Wegagen Bank’s CEO Aklilu Wubet (…

Wegagen Bank partners with IFC on $10 million trade finance guarantee

Wegagen Bank has signed a strategic partnership with the International Finance Corporation (IFC), securing a $10 million trade finance guarantee to expand its support for Ethiopian importers and exporters. The agreement, signed by Wegagen CEO Aklilu Wubet (PhD) and IFC Country Manager for Ethiopia, Malawi and Zambia Madalo Minofu, makes Wegagen a participant in IFC’s Global Trade Finance Program (GTFP). The facility mitigates payment risks in cr…