On April 9, Wegagen Bank and the International Finance Corporation (IFC), a member of the World Bank Group, signed a strategic partnership agreement to establish a USD 10 million trade finance guarantee facility. The agreement was formalized by Dr. Aklilu Wubet, Chief Executive Officer of Wegagen Bank, and Madalo Minofu, the IFC Country Manager for Ethiopia, Malawi, and Zambia. The USD 10 million facility is designed to expand Wegagen Bank’s trade finance operations, supporting Ethiopian businesses engaged in import and export activities across various sectors. Through this partnership, Wegagen Bank joins the IFC’s Global Trade Finance Program (GTFP), an initiative that provides guarantees to mitigate payment risks in trade transactions within emerging markets. Approaching its 29th anniversary this June, Wegagen Bank is the first private commercial bank listed on the Ethiopian Capital Market.

Source: Ethiopian News April 13, 2026 12:44 UTC