The Office of the Prime Minister has formed a high-level committee that will assess the damage suffered by investments and business entities due to instability in the country. With four institutions as members, the committee has started its operations by requesting that banks and insurance companies submit data about clients whose businesses were affected by a spate of violence.

The Ethiopian Investment Commission, the Development Bank of Ethiopia (DBE), the Commercial Bank of Ethiopia (CBE) and the Ethiopian Insurance Corporation are the members of the committee. The Commission sent letters to the Ethiopian Bankers Association and the Association of Ethiopian Insurers two weeks ago, inquiring about companies and investments affected.

The committee was formed as part of the government's latest efforts in helping investments recover quickly from vandalism sustained due to the recurrent violence that has engulfed the country, according to a letter sent by the Commission.

A few weeks ago, the National Bank of Ethiopia (NBE) started drafting a directive to set up loan schemes geared toward redressing damaged investments. The directive is expected to specify the interest rate and preconditions for the loans.

After receiving the Commission's letter, the Bankers Association dispatched a request to banks requiring the submission of information about damaged companies, including the companies' total capital and outstanding loans. The Association also attached a form that the member banks are to fill out and send back to the Association within a week. The banks have been required to provide details about the 419 companies listed by the Commission.

The companies are engaged in the service, agriculture and manufacturing sectors across four regional states and one city administration. About 326 of them are from Oromia Regional State, with the majority located in Ziway town. The second and third highest numbers are registered in Amhara and Benishangul-Gumuz regional states, totaling 58 and 31, respectively. A single company from Dire Dawa is also on the list.

Sher Ethiopia, B.G.I. Ethiopia, Castel Winery, the National Mining Corporation's Daleti Quarry Site, ELFORA Agro-Industry's Melgie Wendo Food Processing Factory, Tana Beles Sugar Development Project, Haile Hotels & Resorts, and Horizon Plantations' Limu Coffee Farm are among the companies included on the list.

The Bankers Association has a plan to extend the deadline since not all of the banks have filed the reports. The deadline might be pushed back to the middle of this week, according to the Association.