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Ethiopia : IFC's $150 million participation towards $450 million trade finance facility for ETHIOPIA

July 19, 2014

On Thursday, a member of the World Bank Group, IFC, announced to contribute towards a $450 million trade finance facility arranged by Natixis to finance Ethiopia's import of refined petroleum products.

The IFC participation in the facility is expected to be to the tune of $150 million, which will support the supply of critical energy products in Ethiopia powering the country's economic growth.

As per the agreement, IFC, Natixis, Standard Bank and other lenders will help in financing Independent Petroleum Group's import of petroleum products into Ethiopia over a period of one year.

The Group maintains is strongly associated with Ethiopia Petroleum Service Enterprise, one of the main suppliers of petroleum products to the country for the last four years.

Earlier during this year, Independent Petroleum Group secured the 2014 annual tender to supply over half of Ethiopia's imports of refined petroleum products.

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Source: TendersInfo (India)

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