Debub Global Partially Cuts Lending Rates

May 16 , 2020


[ssba-buttons]

Debub Global Bank, one of the youngest banks, has followed the lead of the other banks by cutting interest rates for the hotel and horticulture sectors until June 20, 2020. For the hotel sector, the Bank has introduced a cut of between Two to 2.7 percentage points. For the horticulture sector, the cut ranges from 1.9 to 2.4 percentage points. The Bank has also made a 2.6 percentage point cut to the interest rate for overdraft facilities for hotels and a 1.6 percentage point cut for the horticulture sector. The Bank, which has made the interest cuts effective beginning April 1, 2020, has a total outstanding loan portfolio of 3.8 billion Br as of April 30, 2020. So far, Awash, United, Wegagen, Abay, Zemen and Dashen banks have announced interest rate cuts on lending.


Radar

New Directive Tightens Rules for Foreign Employment Agencies

The Ministry of Labour & Skills has issued a directive under the Ethiopian foreign employment framework, setting clear standards for agency size, capital, and operations. Depending on their level, newly established agencies can serve between 10 and over 100 workers a day. Office space requirements range from 100sqm to 700sqm, tied to operational scale. Level-one agencies must hold a paid-up capital of 20 million Br and place a security deposit of 250,000 dollars or its birr equivalent...


Radar

Audit Findings Expose Deepening Gaps in Accountability

A new study reveals that audit irregularities in Ethiopia have continued to rise year after year, driven by weak enforcement and unresolved legacy problems. The finding, commissioned by the Office of the Federal Auditor General (OFAG) and conducted by independent researchers from Addis Abeba University, examined audit reports covering 2009–2023. The study attributes the persistent irregularities to limited accountability, poor follow-up, and reduced audit coverage during political transitio...


Radar

Africa Maritime Conference Sets Sights on Seafaring Innovation

The Ministry of Transport & Logistics has launched the first-ever Africa Maritime Conference, marking a bold move to position landlocked Ethiopia as a continental hub for seafaring innovation at a time of global talent shortages. At a pre-conference briefing, Frans Joubert, CEO of YCF Manning Ltd, underscored Africa's untapped potential in the maritime sector. Of the 1.9 million seafarers worldwide, only four percent are African—despite the continent hosting around 150 maritime academie...