Hibret Bank has renewed its trade finance transaction guarantee facility with the African Export-Import Bank (Afreximbank), securing a $50 million agreement that strengthens its position in international trade finance.
The renewed facility, part of Afreximbank’s Trade Facilitation Programme (AFTRAF), is designed to support Hibret Bank in delivering key trade finance services, including Letters of Credit (L/C) confirmations and other import-export financial instruments. This move is expected to open new business opportunities for Hibret Bank and its clients while boosting the bank’s competitive edge in the sector.
According to the bank, the agreement enhances its capacity to meet international banking standards and navigate stringent guidelines imposed by global financial institutions. It also plays a pivotal role in building confidence among clients and foreign partners, expanding the bank’s reach in global trade ecosystems.
“This partnership underscores Hibret Bank’s commitment to supporting Ethiopia’s growing trade needs,” the bank said in a statement. “It creates an additional source of liquidity, enabling us to support commercial activities and meet increasing client demand.”
The deal is seen as a strategic step in improving access to trade finance, reducing transactional bottlenecks, and reinforcing Hibret Bank’s role as a key player in Ethiopia’s economic and trade development.
The facility renewal not only marks a milestone in Hibret Bank’s ongoing relationship with Afreximbank but also signals broader confidence in the bank’s ability to facilitate regional and international trade.
