Addis Fortune (Addis Ababa)

20 July 2014

Ethiopia: IFC Provides U.S. $150 Million for Petroleum Import of Ethiopia

International Finance Corporation (IFC), a member of the World Bank Group, is going to support Ethiopia's petroleum import by extending up to 150 million dollars from its 450 million dollar trade finance facility arranged by Natixis, company that has experience in Ethiopia for 30 years.

IFC signed an agreement with Natixis, Standard Bank to finance Independent Petroleum Group's (IPG) import of refined petroleum to the country over one year. The group secured a 2014 annual tender to import over half of the refined petroleum supply of the country demands.

The facility will help the Ethiopian petroleum supplier enterprise by extending the credit period for importing petroleum products and introducing new financial institutions in the country.

Ethiopia, a land locked country depends on road transport to the shipment of goods such as construction materials and agricultural commodities which makes the import of petroleum more crucial together with the country's economic development.

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