Development Bank of Ethiopia directs $520 million to industrial development

15.05.24
08:31


Society

Development Bank of Ethiopia directs US$520 million to industrial development

The state-owned financial institution provides low-interest loans to businesses

The Development Bank of Ethiopia (DBE) has allocated 30 billion Birr (US$122 million) in the last 9 months to modernise the manufacturing sector. This is reported by
ENA.

DBE President Yohanes Ayalew participated in a panel discussion on “Private Investment and enabling Conditions” at the Made in Ethiopia exhibition held in Addis Ababa. During his speech, he explained that the bank helps businesses in the industry by providing low interest loans. Although DBE has incurred heavy losses in the past, the actions of the country’s government have helped offset them.

In the past nine months, DBE has approved loans totalling 44 billion Birr ($766 million), 30 billion of which is earmarked for industrial development. According to the president of the financial institution, lending such amounts is an indicator of economic growth.

The Development Bank of Ethiopia (DBE) is a specialised public development financial institution controlled by the Ethiopian Public Finance Enterprises Agency.

Photo:
iStock

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