Share this page

IFC, Natixis and Standard Bank Group participate in a Trade facility that supports petroleum imports in Ethiopia

Addis Ababa, July 17, 2014 —IFC, a member of the World Bank Group, Natixis and Standard Bank Group today announced that they have participated in a $500 million trade finance facility, arranged and lead by Natixis, to finance Ethiopia’s import of refined petroleum products. The facility supports the supply of critical energy products in Ethiopia, powering the country’s economic growth.  
Under the agreement closed in June 2014, IFC, Natixis and Standard Bank Group are helping finance Independent Petroleum Group’s sales of petroleum products to Ethiopia over one year. Independent Petroleum Group maintains a strong relationship with Ethiopia Petroleum Supply Enterprise, being one of the main suppliers of petroleum products to the country for the last four years. Independent Petroleum Group secured the 2014 annual tender to supply over half of Ethiopia’s imports of refined petroleum products.
The second-most populous country in sub Saharan Africa, Ethiopia imports all of its petroleum products, which are critical for transportation, industrial and household uses.
“Natixis has a longstanding experience with Ethiopia for over 30 years”, said Felipe Lopez Cruz, Natixis Regional Head of Global Energy & Commodities Dubai branch. “Our expertise in commodities, our presence in the Middle East, as well as the partnership with IFC and Standard Bank Group has allowed Natixis to finance Ethiopian oil imports successfully. We are proud of this achievement given the strategic nature of this flow to Ethiopia and to our client, Independent Petroleum Group”.  
“The established facility will provide flexibility and support to the Ethiopian Petroleum Supplier Enterprise by extending the credit period for importing petroleum products and introducing new financial institutions and banks to the country", said Abdullah Al-Khandari, the Chief Financial Officer of IPG.
Ethiopia’s economy has experienced strong GDP growth over the past decade, reaching 7% in 2013. Still, almost 30% of the country’s population continues to live below the poverty line of $1.25 per day. A landlocked country, Ethiopia relies on road transport to move critical goods such as construction materials and agricultural commodities. Imports of petroleum products are thus crucial for several key sectors of the economy.
Oumar Seydi, IFC Director for East and Southern Africa said, “Ethiopia depends on imported petroleum products to meet its infrastructure, agriculture and energy needs. IFC is committed to encouraging trade that supports economic growth and job creation in Ethiopia.”
IFC’s strategy in Ethiopia involves working closely with the private sector to support infrastructure, agriculture and entrepreneurs.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
Stay Connected
About Natixis
Natixis is the corporate, investment and financial services arm of Groupe BPCE, the 2nd-largest banking group in France with 21% of total bank deposits and 36 million clients spread over two networks, Banque Populaire and Caisse d’Epargne.
With around 15,000 employees (excl. financial stakes), Natixis has a number of areas of expertise which are organized in three main business lines: Wholesale Banking, Investment Solutions and Specialized Financial Services.
A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of Groupe BPCE’s two retail banking networks.
Listed on the Paris stock exchange, it has a solid financial base with a CET1 capital under Basel 3 (1) of €12.7 billion, a Basel 3 CET1 Ratio (1) of 10.6% and quality long-term ratings (Standard & Poor’s: A / Moody’s: A2 / Fitch Ratings: A).
(1) Based on CRR-CRD4 rules published on June 26, 2013, including the danish compromise - no phase-in except for DTAs on loss carry forwards
Figures as at March 31, 2014
About Standard Bank Group
Standard Bank Group is the largest African bank by assets and earnings. Our strategy is to build the leading Africa-focused financial services organisation using all our competitive advantages to the
We will focus on delivering superior sustainable shareholder value by serving the needs of our customers through first-class, on-the-ground operations in chosen countries in Africa. We will also connect other selected emerging markets to Africa and to each other, applying our sector expertise, particularly in natural resources, globally. We operate in 20 countries on the African continent, including South Africa.
Standard Bank has a 152-year history in South Africa and started building a franchise outside southern Africa in the early 1990s. Africa is at our core and we will continue to build first-class on-the-ground banks.
The group’s nearly 49 000 employees in all regions deliver a complete range of services across personal and business banking, corporate and investment banking and wealth management. Standard Bank's Corporate & Investment Banking division offers its clients banking, trading, investment, risk management and advisory services to connect selected emerging markets to Africa and to each other. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
Normalised headline earnings for 2013 were R17.2 billion (about USD 1.8 billion) and total assets were R1 694 billion (about USD 162 billion). Standard Bank’s market capitalisation at 31 December 2013 was R209.4 billion (about USD20 billion).
The group’s largest shareholder is Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20,1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.
For further information go to