July 19, 2024

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The Commercial Bank of Ethiopia

Govt to Provide 37B birr to the Ethiopian Commercial Bank

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The government has decided to provide more than 37 billion birr (about 650 million dollars) to the Ethiopian Commercial Bank. The decision has been taken to increase CBE’s capital.

The bank currently has a capital of 43 billion birr, the new amount given by the government will raise it to around 80 billion birr. The government’s decision to increase the bank’s capital, to a large extent, is to strengthen CBE’S capital capacity so that the bank can compete with foreign banks. This week, it was announced that the Ethiopian government had decided to open banking industry to foreign banks. A bill has been tabled at the House of People’s Representatives in this regard.

Reportedly, the government plans to get the money to be given to the Ethiopian Commercial Bank in the form of a loan from the World Bank.

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