2merkato

Debub Global Bank is set to enter the banking sector in Ethiopia as the 15th private bank after receiving a license from the National bank and a trade permit from the Addis Ababa Trade Bureau at the end of the month.

The bank expects to launch operations in July with two branches in Addis Ababa and one each in Hosanna and Hawassa according to Workku Lemma President of Debub. It is currently in the process of setting up offices, seeking companies to provide IT services and CORE banking solutions in particular as well as hiring staff.

The bank will require a commencement letter from the central bank which will conduct a field inspection to affirm that it is ready to begin operations.

Debub Global Bank Share Company is to enter the Ethiopian banking sector in 2012. The Bank has raised 286 million birr in subscribed capital and 150 million in paid up capital through the sale of shares. 5481 shares have been presented to the National Bank pending signature and verification by shareholders according to an official at the Bank.

Debub Global Bank expects to concentrate its activities in the South of Ethiopia where there exists untapped potential for investment said the official. The shareholders of the bank understand the potentials in the South and are interested in engaging in investment and trade in the area explained the official.

Ethiopian micro finance institution, Dedebit Credit and Saving Institution S.C (DECSI) reported it has disbursed 728.5 million Ethiopian birr loan during the past nine months.

Company Operation Manager, Yonannes Gebremeskel, told Walta Information Center, the loan was disbursed to individuals engaged in Small and medium enterprises.

Delbi Coal Mining Share Company is set to extract 30,000 tons of coal in Ethiopia. The company will be extracting coal from an open mining field in Jimma. Delbi plans to increase its production to 200,000 tons of coal in time. 

Delbi has extracted and sold an estimated 46,000 tons of coal since it began operating. The company has begun preparation for the mining project.

Delegation team from Ethiopia attended African Investments and Business Forum held in Algiers, Algeria. The forum was held from December 3 to 5, 2016 under the theme of “Towards a new dynamic”.