Ethiopia: Key Catalyst for African Growth, Asserts Afreximbank Compliance Chief
On April 9, 2025, Addis Ababa — According to Idrissa Diop, the Compliance Director at Afreximbank, Ethiopia stands as a key marketplace and a vital nation driving the expansion across the continent.
In an exclusive interview with ENA, Idrissa Diop, the Compliance Director at Afreximbank, emphasized Ethiopia's crucial position in driving Africa's development.
"At Afreximbank, we consider Ethiopia to be a highly strategic market and a crucial nation for the development of Africa," he stated.
Furthermore, he mentioned that over the last twenty years, we have seen Ethiopia's GDP grow by more than 9 percent in the early 2000s, before slowing down during the COVID-19 pandemic.
He pointed out that the recently implemented regulatory modifications have had a positive impact on Ethiopia's economic prospects.
"The increase in GDP is also being favorably influenced by the recent policies implemented by the National Bank of Ethiopia, which have liberalized the exchange rate for the Birr to encourage foreign investments and reduce demand for currency," he further explained.
He highlighted the importance of the new regulations that are helping Ethiopia to become more open and appealing to foreign investors.
“I think regulations are going to make Ethiopia open (to foreign investors) and become more attractive to investment. We then think that it is important for us, Afreximbank, to be in this market,” he said.
He mentioned that Afreximbank had been proactively aiding local enterprises and financial entities in Ethiopia long before these latest regulatory changes occurred.
Therefore, Ethiopia represents a significant market for Afreximbank, as he pointed out.
The bank is dedicated to aiding Ethiopia's economic growth through collaboration with local financial entities and corporations, thereby strengthening the nation's position as a leader in the region.
Besides collaborating with the government, Afreximbank has also launched a range of financial instruments aimed at improving market accessibility and aiding local businesses.
Diop mentioned that Afreximbank recently conducted a workshop involving more than 20 Ethiopian banks, aimed at highlighting the different financial services offered by the bank.
"We provide solutions such as the Afreximbank payment system, which streamlines cross-border transactions, along with services like trade finance and credit facilities designed for major corporations," he highlighted.
He emphasized that Afreximbank's contribution to Ethiopia's economic development will keep evolving via collaborations with local entities.
He stated that they think Afreximbank will actively contribute to enhancing economic growth in Ethiopia and positioning the bank as a partner for the nation’s development.
Given this strategic emphasis on Ethiopia, he highlighted that Afreximbank is well-positioned to make substantial contributions to the country's ongoing economic expansion.