Dashen Bank has obtained from the Board of Directors of the African Development Bank Group (AfDB) a guarantee mechanism of 40 million dollars from the Board of Directors of the African Development Bank Group (AfDB). This gesture aims to support trade finance activities in Ethiopia.

The AfDB guarantee mechanism will allow Dashen Bank to meet the financing needs of small and medium-sized enterprises (SMEs) and local businesses oriented towards import and export. This funding will also be used to support intra-African trade, thus directly contributing to the successful implementation of the African Continental Free Trade Area (AfCFTA) program. The managing director of the African Development Bank for East Africa, Nnenna Nwabufo, said after the approval that “supporting trade in Africa is a priority of the African Development Bank. Trade finance is an important driver of economic growth and is critical to cross-border trade, especially in emerging economies. We are delighted to be working with Dashen Bank, a solid partner with extensive knowledge and a broad network in Ethiopia, because we have a shared ambition to support trade across the region.”

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