The Development Bank of Ethiopia (DBE) has given 30 billion birr to manufacturing businesses over the last nine months. The Commercial Bank of Ethiopia has also spent half of its loans on the manufacturing industry. This information was shared during a discussion about private investment and the conditions that help it grow, which was held alongside an exhibition called “Made in Ethiopia” at the Millennium Hall in Addis Ababa.
“Made in Ethiopia” (ETHIOPIA TAMRIT) is a national program launched in 2022 by Prime Minister Abiy Ahmed with a view to creating a competitive manufacturing industry by addressing the challenges facing the sector in a sustainable, integrated, and comprehensive manner. The 3rd Ethiopia Tamrit Expo was held from May 9 to May 13 at Millenium Hall in Addis Ababa.
The president of the Development Bank of Ethiopia, Yohanes Ayalew, said that the bank is supporting businesses in the sector by offering loans with low interest rates, with a special focus on the manufacturing industry. In the last 9 months, the bank approved 44 billion birr in loans, and 30 billion of that went to manufacturing companies.
Moreover, the Development Bank of Ethiopia President mentioned that now the bank is making a profit of 6.3 billion birr every year. The bank has a lot of money, around 38 billion birr, and it can lend up to 9 billion birr for one business project.
The president of the Commercial Bank of Ethiopia, Abe Sano, said that CBE is providing significant support to productive manufacturing industries. He mentioned that the bank has given 50% or 550 billion birr of its total loan capital to this sector. Out of this, 90.6% are long-term loans.
Abe Sano also said that a new procedure is being prepared where manufacturing industries that use local raw materials will be prioritized and given loans first. Whereas Ethiopian PM Abiy Ahmed, Deputy PM Temesgen Tiruneh and Minister of Industry Melaku Alebel, in their speeches, urged the development and use of domestic products. More than 210 Ethiopian companies presented their products at the expo. Transactions worth more than 3 billion birr were made. Seven countries agreed to buy Ethiopian products and 74 market connections were made at the Expo. Read More…
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May 15, 2024 at 1:55 pm
Giving loans in lower interest for the manufacturing industry is very progressive and supportive to all the manufacturers and also to the bank generally if we want to produce our own quality products use,and export we should support the producer….can u give me information at what condition is development bank now in tigray, is it working or not? How can we get the advantage? Thank you.
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Giving loans in lower interest for the manufacturing industry is very progressive and supportive to all the manufacturers and also to the bank generally if we want to produce our own quality products use,and export we should support the producer….can u give me information at what condition is development bank now in tigray, is it working or not? How can we get the advantage? Thank you.
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