Fortune News | Feb 19,2022
September 14 , 2020
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 | Feb 19,2022
Fortune News | Sep 11,2020
Fortune News | Mar 26,2022
Fortune News | Dec 04,2021
Radar | Oct 09,2021
Fineline | May 18,2019
Fortune News | Jun 07,2020
Fortune News | Jul 13,2020
Sunday with Eden | Jan 09,2021
Fortune News | Aug 07,2021
November 27 , 2021
Against my will, I have witnessed the most terrible defeat of reason and the most sa...
November 13 , 2021
Plans and reality do not always gel. They rarely do in a fast-moving world. Every act...
October 16 , 2021 . By HAWI DADHI
Residing in a country with no capital market, an organised marketplace for trading se...
August 28 , 2021 . By HAWI DADHI
The streets of Addis Abeba are as varied as they are many, although too many of them have yet to be named. From the narrow alleyways of the...
Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...
When the country’s most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or tw...
May 21 , 2022
There was a great deal of handshaking and patting each other on the back at the Hyatt...
May 14 , 2022
Diana Yohannes is one of those actively engaging in social media platforms with her T...
May 7 , 2022
The Ethiopian Economic Association (EEA) recently proposed the formation of a macroec...
April 30 , 2022
There is no ambiguity in the UNDP's assessment of Ethiopia’s economic performance a...
PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize
May 6 , 2019
Adulteration is getting out of hand. Consumers in Ethiopia are being left to their ow...
Or see contact page