The Ministry of Trade and Industry, upon a request from the Ethiopian Shipping and Logistic Services Enterprise (ESLSE) has asked the National Bank of Ethiopia to extend the expiration date of Letters of Credit (LCs).
According to a letter sent to the Ministry of Trade and Industry by the ESLSE last month, the global pandemic has caused issues with container distribution.
This, in turn, has led to issues with supply chains, port handling, and other logistical operations. Traders had affirmed last month, that these issues had led to overflows at ports.
While the ESLSE affirms that it is working diligently to deal with these issues, it now confirms that it needs help from the National Bank to ensure that these efforts are not in vain.
The Ministry of Trade and Industry agrees with this assessment and has not submitted the letter, along with its endorsement, to the bank.
As such, the request asks for a two month extension.