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Trade Service

Trade Service

Letters Of Credits

A letter of credit is a commitment by the bank to pay the seller of goods or services of a certain sum provided the seller presents the documents specified in the terms of the credit.

Required documents for Import Letters of Credit approval

  • One set of import application and L/C application.
  • Three copies of proforma invoices.
  • Valid trade licenses.
  • Tax Identification Number (TIN) Certificate.
  • Insurance certificate.

Export Letter of Credit

An export letter of credit refers to a foreign bank undertaking issued on behalf of foreign importer. The issuing bank specifies all the requirements of its customer in the letter of credit and undertakes to honor all drafts drawn in conformity to the credit terms and conditions.

Required documents for Export Letters of Credit approval

  • Valid trade license for export.
  • Tax identification number (TIN) certificate.
  • A copy of sales contract.
  • A copy of authenticated Letters of Credit.
  • Three copies of invoices.
  • One set of export application

Cash Against Documents

In this mode of payment the supplier or seller, surrenders documents to his/her drawer’s bank after which the documents are automatically forwarded to the importers on collection basis.

Required documents for Import – Cash Against Document (CAD) approval

  • One set of import application.
  • Three copies of proforma invoices.
  • Valid trade licenses.
  • Tax Identification Number (TIN) Certificate.
  • Insurance certificate.
  • Three copies of chamberized invoice, certificate of origin, and packing list.
  • Three copies of shipping documents (i.e. Bill of Lading, Airway Bill, Truck Manifest, Railway Bill, Courier etc. and/or carrier freight invoice).
  • Quality Standard code of products (CIQ) certificate in case of import from China.

Required documents for Export – Cash Against Document (CAD) approval

  • Valid trade license for export.
  • Tax identification number (TIN) certificate.
  • A copy of sales contract.
  • Three copies of invoices.
  • One set of export application.
  • Undertaking letter stating the exporter’s obligation to repatriate full amount of the export proceeds in foreign exchange.

Advance Payment

Advance payment is a method through which a seller receives payment from a buyer prior to shipment or the agreed upon goods or rendering the agreed upon service.

Required documents for Import – Advance Payment approval

  • One set of import application.
  • Three copies of proforma invoices.
  • Valid trade licenses.
  • Tax Identification Number (TIN) Certificate.
  • Insurance certificate.
  • An undertaking letter to produce customs declaration for the entry of goods into Ethiopia or to repatriate the full amount of foreign exchange availed to the importer.

Required documents for Export – Advance Payment approval

  • Valid trade license for export.
  • Tax identification number (TIN) certificate.
  • A copy of sales contract.
  • Three copies of invoices.
  • One set of export application.
  • Evidence of foreign currency receipt of Banks or valid foreign currency cash receipt together with customs declaration.
  • Charges shall be collected as per the Bank’s terms and tariff, in case of foreign currency cash receipt.

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