their customers said Dr. Sintayehu Woldemicheal, Director General of the Public Financial Institutions Supervising Agency.Banks are expected to play their part in the national development agenda by soliciting funds for the mega projects underway in the country he said at the annual performance review meeting of the Development Bank of Ethiopia.
Banks should also work to enhance risk management activities by offering loans and consulting services to appropriately vetted development projects Esayas Bahire, President of the DBE.
The DBE is working in collaboration with public offices, associations, investors and customers towards attaining these aims he said.
The volume of loans mobilized by the Development Bank of Ethiopia during the just ended Ethiopian budget year showed an increase of 44% against what it had mobilized in the previous year said Isayas Berhe, President of DBE.
The board of the bank had approved a 7.5 billion loan for the year in review and the bank has managed to mobilize 70% of the total that was approved.
The bank has been able to mobilize more than 5.5 billion birr during the reporting period with the 1.5 billion birr loaned to Habesha Cement being the single largest loan arrangement for the year. 90% of loans that were disbursed by the bank went to local companies.
The board has approved a sum of eight billion birr that will be made available for loan in the current financial year with the bank anticipating mobilizing 6.3 billion birr.
Source: Ethiopian News Agency
