M ahlet FasilAddis Abeba, December 17/2018 – The International Finance Corporation (IFC) CEO Philippe Le Houérou signed two accords with the National Bank of Ethiopia to expand trade and local currency financing –”part of a broader effort by IFC play a significantly larger role in supporting development in Ethiopia by helping create new markets for private investors.”The first agreement to support the National Bank of Ethiopia is part of the global trade finance program. The second agreement will allow IFC to provide loans in Ethiopian birr under the local currency facility of the World Bank group’s International Development Association (IDA) private sector window. “The window allows IFC to provide support to high impact projects when local currency solution are otherwise unavailable. Dr. Yinager Dessie, Governor of the National Bank of Ethiopia, on his part said:“The two agreement deals can be very useful to our country. IFC is a sister organization of the world bank and member of the world bank group’s largest global development institution focused on the private sector in emerging markets.

Source: Ethiopian News December 17, 2018 13:30 UTC