GTST Ethiopia II

completed

IFC, Natixis and other commercial lenders are jointly establishing a trade finance facility of up to US$ 450 million to finance year 2014 importation of refined oil products in Ethiopia. The facility will provide Independent Petroleum Group Limited (“IPG”) with a short term structured trade finance facility to maintain the supply of oil products to Ethiopia over one year. This facility will help securing fuel supply to the second most populated country in Sub-Saharan Africa and one of the fastest growing economies in Africa. A steady supply of fuel through reliable channels is critical to ensure a better pricing, and therefore control inflation. Of the total facility amount, IFC’s funded and unfunded exposure will be up to US$ 150 million in a form of direct parallel lending.IFC has financed the year 2013 importation of refined oil products in Ethiopia through a risk participation facility with BNP Paribas (IFC project number 32846)