Fortune News | Aug 12,2021
Sep 14 , 2020
Yohannes Ayalew (PhD), the former vice governor and chief economist of the National Bank of Ethiopia (NBE). The board of the Development Bank of Ethiopia (DBE) has appointed Yohannes Ayalew (PhD), the former vice governor and chief economist of the National Bank of Ethiopia (NBE), as the new president, replacing Haileyesus Bekele. A board director of DBE, Yohannes was appointed to run the Bank beginning September 12, 2020. The board has dispatched his appointment letter to the central bank and to the Public Enterprises Holding & Administration Agency on the same date.
Yohannes, who was an executive director of the Ethiopian Development Research Institute, has to leave his role on the board before assuming the top executive position at the Bank, according to a source familiar with the case. It is not the first time a former vice governor has assumed such a responsibility. Getahun Nana, a former vice governor of the central bank, also had a debut as chief of Ethiopia's policy bank.
The board of directors of DBE has also decided to freeze all the pending loans that were approved while Haileyesus was on duty, according to the same source. Haileyesus, who served the Bank for the past two years, resigned on September 10, 2020. He was vice president of the Bank in charge of credit management until he was promoted to president on July 4, replacing Getahun. Before he moved to the DBE in 2016, Haileyesus was the president of the dissolved Construction & Business Bank (CBB).
The policy bank has been in deep waters due to the mounting bad loans mainly disbursed to commercial farms in Gambella.
Its non-performing loan ratio stood at 25pc in the last fiscal year, still an improvement from 40pc that was registered the previous year. The management and the board of the bank, chaired by Tegegnewok Gettu, a retired UN senior staffer, has developed a five-year reform plan that diverts the source of the finance from the central bank to bond bills and funding from development partners.
PUBLISHED ON
Sep 14,2020 [ VOL
21 , NO
1064]
Fortune News | Aug 12,2021
Radar | Apr 08,2024
Radar | Oct 09,2021
Money Market Watch | Dec 15,2024
News Analysis | Nov 25,2023
Dec 22 , 2024 . By TIZITA SHEWAFERAW
Charged with transforming colossal state-owned enterprises into modern and competitiv...
Aug 18 , 2024 . By AKSAH ITALO
Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...
Jul 28 , 2024 . By TIZITA SHEWAFERAW
Unhabitual, perhaps too many, Samuel Gebreyohannes, 38, used to occasionally enjoy a couple of beers at breakfast. However, he recently swit...
Jul 13 , 2024 . By AKSAH ITALO
Investors who rely on tractors, trucks, and field vehicles for commuting, transporting commodities, and f...
May 10 , 2025
Federal legislators recently summoned Shiferaw Teklemariam (PhD), head of the Disaste...
May 3 , 2025
Pensioners have learned, rather painfully, the gulf between a figure on a passbook an...
Apr 26 , 2025
Benjamin Franklin famously quipped that “nothing is certain but death and taxes....
Apr 20 , 2025
Mufariat Kamil, the minister of Labour & Skills, recently told Parliament that he...
Loading your updates...