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.
Fortune News | Jul 09,2022
News Analysis | Mar 23,2024
Fortune News | Oct 17,2020
Fortune News | Nov 04,2023
Money Market Watch | Jun 08,2025
Fortune News | Dec 29,2018
Fortune News | Dec 21,2022
Radar | Jun 21,2025
Commentaries | Aug 18,2024
Radar | Apr 12,2020
My Opinion | 133543 Views | Aug 14,2021
My Opinion | 130059 Views | Aug 21,2021
My Opinion | 127858 Views | Sep 10,2021
Photo Gallery | 127845 Views | May 06,2019
Aug 16 , 2025
A decade ago, a case in the United States (US) jolted Wall Street. An ambulance opera...
Aug 9 , 2025
In the 14th Century, the Egyptian scholar Ibn Khaldun drew a neat curve in the sand....
Aug 2 , 2025
At daybreak on Thursday last week, July 31, 2025, hundreds of thousands of Ethiop...
Jul 26 , 2025
Teaching hospitals everywhere juggle three jobs at once: teaching, curing, and discov...
Loading your updates...