Development Bank of Ethiopia (DBE) disclosed it has extended over 5.5 Billion Birr for 350 projects in the just ended fiscal year.

According to the Bank President, Esayas Bahre, the projects are in agriculture, manufacturing and agro-processing areas. Around 160 of the projects are owned by local investors that engaged in mechanized farming.

Projects for which DBE extended loan for, created job for 22,000 individuals. Upon completion and being fully operational, Ethiopia is said to generate over 6.2 Billion Birr revenue from the projects.

Esayas noted his bank has been extending financial and technical support for the manufacturing sector as well as export based agricultural products such as flowers, fruits and vegetables.

He furthered DBE is planning to make changes to the minimum requirements it has set for local investors desired to engage in the manufacturing sector.

Currently the Bank requests 30 percent of the loan in cash as collateral before extending it.

According to the President DBE has finished preparation to extend over 14.5 Billion Birr for existing and new projects in the manufacturing sector. He also noted the Bank has increased its loan capacity and it now stands at 7.5 Billion Birr which was only two Billion Birr five years ago.

Source: Ethiopian News Agency