The Development Bank of Ethiopia announced selling more than the projected amount of Grand Renaissance Dam bonds in the last two quarters according to the bank’s six month report. 
The bank has estimated selling 600 million birr worth of bonds for the Grand Renaissance Dam in the last six months but actual sales exceeded one billion birr. The Development bank aims to sale 1.5 billion birr worth of Grand Renaissance Dam bonds in the current fiscal year.
The bank’s report explained that the DBE disbursed almost five billion birr in loans and 2.2 billion birr for a range of projects increasing the banks total lending to 13.2 billion birr. The bank also reported collecting 992 million birr in loan repayment over the last two quarters.The Development bank plans to disburse 7.5 billion birr in loans and collect 2 billion in repayment in the current fiscal year according to the report.
The bank plans to collect most of its outstanding loans by the end of January in time to set targets for the second half of the budget year according to Birhanu Taye, Public Relations and Communications Officer at DBE.
The DBE also plans to reduce the ratio of its Non-performing Loans to 8.7% from its current low of 10.21% said Birhanu.
Source: Capital
