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IPDC Signs Agreement with Awash and COOP

June 26 , 2021

The Industrial Parks Development Corporation (IPDC) has partnered with Awash Bank and the Cooperative Bank of Oromia as its two sole financial service providers. The banks are expected to provide credit services for the Corporation's 800 employees and the its 13 industrial parks it operates throughout Ethiopia. The Corporation, in exchange, will use the two banks to pay salaries to its workers and collect rent from factories having shades inside the parks. While the Corporation has chosen the two banks to oversee its transactions, investors stationed in the parks can choose banks of their preference. The Corporation picked the two financial institutions after shortlisting six banks from 18 interested applicants for the service. IPDC has so far invested more than 45 billion Br in the construction of the parks, which are currently generating 24 million dollars annually through rental fees. It has created job opportunities for more than 76,000 people.


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