Development Bank of Ethiopia Declares a 6.5b Br Profit

Aug 5 , 2023


[ssba-buttons]

Development Bank of Ethiopia declared a 6.5 billion Br profit for the ended fiscal year nearly doubling the figure from last year. The Bank President Yohannes Ayalew (PhD) announced the report last week at the headquarters on Tito Street, during a briefing that saw the attendance of Getachew Wake, vice president and Getachew Belay, acting vice president. Yohannes said the policy bank managed to lower its nonperforming loan from 43pc of a few years ago to 11.3pc including the ones in Tigray Regional State. Implementing the five years strategic plan that started three years ago was cited by the Bank president as a reason. DBE's capital has grown to 38 billion Br from 2.6 billion Br three years ago. It collected 25 billion Br from bonds bought by banks and pension funds last year. According to Yohannes, it should approve five times the capital for loans on its current status. The policy bank approved 46.4 billion Br loan requests after evaluating project proposals for the manufacturing, agriculture and mining sectors. It has collected 13.5 billion Br of loans previously disbursed. DBE has doubled its districts to 24 while expanding adding 22 branch offices in the year.


Radar

New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...


Radar

City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...


Radar

Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...