Tuesday, July 19, 2016

DBE Extends 7.5 Billion Br in Loans to Industries

The Development Bank of Ethiopia (DBE) have availed 7.5 billion Br in loans for industrial projects over the past 11 months. Local investors take the biggest share of the loan, with 75pc, while foreign companies took the remaining quarter.
Various projects in leather and textiles, manufacturing, steel engineering and pharmaceuticals have benefited from the loan programme by the state bank.
Though DBE gave the green light to lend 9.4 billion Br at the beginning of the budget year, close to two billion birr was not acquired by projects. The bank has plans to provide loan services worth 18 billion Br in the next fiscal year to local and foreign companies engaged in industries.
The bank is now collecting the 5.2 billion birr forwarded as loans for industry projects, with 3.7 billion Br so far acquired.
Source: AllAfrica

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