Under the deal, both Dangote Cement and Ethiopian Airlines will swap funds from their trapped revenue in Nigeria and Ethiopia. Sources in the aviation industry reveal that Ethiopian Airlines will exchange $100 million out of the total $180 million in blocked funds in Nigeria for Ethiopian birr from Dangote Cement, Ethiopia. “The National Bank will reimburse us with the equivalent amount in Ethiopian birr,” stated Mesfin Tassew, the CEO of Ethiopian Airlines, in an interview with The Reporter. He also mentioned that there are no current plans to swap the remaining amount. Dangote Cement, which has been a major player in Ethiopia’s construction sector for over a decade, and Ethiopian Airlines, have over the years – accumulated millions of dollars in blocked funds.

Source: Ethiopian News July 08, 2023 23:34 UTC