EXIM BANK GROUP EXPANDS TO FIVE MARKETS, NOW TO OPERATE IN ETHIOPIA

Dar es Salaam; November 24, 2019: Exim Bank Group will become the first Tanzanian financial institution to start operations in the neighbouring Ethiopian market, establishing a foothold in the Africa’s second most populous country and extending its African network to 5 countries.

According to a statement released by the bank in Dar es Salaam early today, the bank has gotten a license to open and have an Exim Bank Representative Office in Ethiopia through its Djibouti subsidiary and it plans to start operations soon.

“Our Commercial Representative Office is expected to be fully operational in December 2019 at Zouleka LKG Building, 2nd floor, Sub City Bole, 2160/B. Addis Ababa", Mr. Jaffari Matundu, the bank’s Chief Executive Officer said in the statement.

He said the expansion to the country comes as part of the Group’s strategic expansion plans in pursuit of our aspiration of becoming a Pan African Bank. The Representative office will foster strategic initiatives in increasing cooperation with African countries and provide a valuable platform for the Bank to market its differentiated and customized services to overseas businesses.

“This is an important milestone for Exim Bank Group’’, he said while pointing out that strong economic growth in Ethiopia has been underpinned by high public investment and a growing consumer base and that is why the country has emerged as one of the most exciting and promising market for financial institutions.

He said that the Bank also aims to support trade exchange through promoting exports from the Group to Ethiopia, studying the market and available investment opportunities while playing part in driving economic expansion in the country. He further pointed out that Ethiopia has recorded the highest economic growth rates across the world over the past few years and is ranked as Africa’s fastest growing economy according to data from IMF.

“We look forward to the promising growth opportunities offered by the Ethiopian market, especially in light of the reforms recently held by Ethiopia. We believe that there are many promising economic growth opportunities in Ethiopia, and Exim Bank Group wishes to facilitate this.” he said.

With the addition of Ethiopia, the Bank will now have operations in 5 markets across Eastern Africa; Tanzania, Union of the Comoros, Djibouti and Uganda.