Money Market Watch | Sep 28,2024
Mar 22 , 2023
Private banks in Ethiopia have been called upon to contribute over one billion Birr to finance a series of state development projects, including the ambitious "Gebeta Le'hager" initiative. The Commercial Bank of Ethiopia (CBE) has already pledged 1.2 billion Br, equivalent to 7.2pc of its profits from the previous fiscal year. Private banks have been requested by Abe Sano, President of the Ethiopian Bankers' Association, to disclose the amount they are willing to contribute to the cause.
Prime Minister Abiy Ahmed's administration has launched various fundraising initiatives, including "Dine for Sheger," "Dine for the Generation," and "Dine for Ethiopia," to mobilize funds for the construction. The latter is planned to raise funds for Koysha, Wonchi, and Gorgora projects.
The Development Bank of Ethiopia (DBE) has committed to giving six percent of its net profit from the previous year, while private banks have agreed to contribute five percent of their profits towards the projects. Close to 16 private banks have made an aggregate of 20.7 billion Br in net profit last year.
Banks that have not yet turned a profit, because they have begun operations this year, have been asked to lower their contribution to 0.5pc.
According to sources, the new central bank Governor, Mamo Miheretu, had called upon the heads of banks and insurance firms to contribute to the state's development agenda during a recent meeting. The government's efforts to mobilize funds from both state-owned and private entities reflects its commitment to achieving the country's long-term development goals, Abie said in a letter he dispatched last week, in his role as a president of the Association.
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