IFC, a member of the World Bank Group, announced Thursday that it will participate up to $150 million in a $450 million trade finance facility arranged by Natixis to finance Ethiopia's import of refined petroleum products.
The facility will support the supply of critical energy products in Ethiopia powering the country's economic growth.
Under the agreement, IFC, Natixis, Standard Bank and other lenders will help finance Independent Petroleum Group's import of petroleum products into Ethiopia over one year.
The Group maintains a strong relationship with Ethiopia Petroleum Service Enterprise, being one of the main suppliers of petroleum products to the country for the last four years.
Independent Petroleum Group recently secured the 2014 annual tender to supply over half of Ethiopia's imports of refined petroleum products.