The Development Bank of Ethiopia (DBoE) said it has distributed 3 billion birr loan during the past eight months of the Ethiopian Fiscal Year.
President of the bank, Isaias Bahre, told WIC the loan was disbursed among financial institutions, cooperative association and unions as well as other clients.
Development Bank of Ethiopia (DBE) disclosed it has extended over 5.5 Billion Birr for 350 projects in the just ended fiscal year.
The Development Bank of Ethiopia (DBE) has introduced DBE-TA, AWUN, an interest-free banking service based on Sharia principles.
The Development Bank of Ethiopia extended a loan of 1.42 billion birr to Saygin B.M Technology Group LLC, a Turkish company expected to establish a cable manufacturing plant.
Saygin requested a loan of 2.1 billion birr, making it the single largest loan request for a bank loan from a private company operating in Ethiopia.
The Turkish company intends to manufacture optical fiber and power cables said Tadesse Hatiya, Vice President of Credit Services at the Development Bank of Ethiopia.
Turkish Textile company, Sahinler Ethiopia Textile Investment plc, received a 628 million birr loan from the Development bank
of Ethiopia. The company is expected to engage in the manufacture of clothing, knitted items and a range of items at its plant in Adama.
The company originally applied for a loan of 1 billion birr according to anonymous sources.
The Development bank generally gives less money than what is requested because companies tend to inflate their financial requirements due to budget or currency exchange rate consideration explained Tadesse Hatiya, Vice President of Credit Services with DBE.
