June 20, 2024

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Oromia Bank Disburses 43.5B Birr Loan

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Today, the CEO of Oromia Bank, Mr. Teferi Mekonen, announced that the bank has disbursed loans of 43.5 billion birr to citizens across different industries. Moreover, 14.5 billion birr was allocated to over 7,000 small business owners, with an additional one billion birr directed towards the agricultural sector.

Oromia Bank confirmed the loan provision to the manufacturing, export, construction, and services sectors which created various job opportunities.

Oromia Bank has an extensive network of over 570 branch offices. They have successfully mobilized a substantial amount of savings, reaching a total of 54 billion Ethiopian birr.

Oromia Bank began operation on 25 October 2008 with a starting capital of 110 million birr. Its headquarters is located in Addis Ababa, the Ethiopian capital. The Bank is now one of the most influential and popular private banks in Ethiopia and also known for pioneering Interest-free banking services.

CEO of Oromia Bank, Mr. Teferi Mekonen said that the bank has managed to generate both long-term and short-term employment opportunities for over 11,000 people. This demonstrates the bank’s efforts to tackle the issue of unemployment in the region.

Mr. Teferi Mekonen added that the Oromia Bank is empowering small-scale entrepreneurs by offering training in financial management.

Last week, Oromia Bank announced that it has signed a 1 billion birr contract for the construction of the second phase of the Center of Excellence that will be built in Gelan Oromia. The CEO said Oromia Bank is currently undertaking the construction of the Gelan Center of Excellence and Convention, including its new headquarters. This project aims to enhance the bank’s service capabilities and enable it to deliver an even higher level of service to its customers.

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