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May 12 , 2020
Enat Bank, one of the youngest private banks, has fully removed the commercial loan interest rate for borrowers in the hotel and tourism industries. The zero-interest loan is available as of this month and will remain active for the coming three months. The Bank has also fully removed the commission fees that customers have been paying for letters of credit (LC) extensions, loan rescheduling, and overdraft extensions.
Two weeks ago, the National Bank of Ethiopia (NBE) held a meeting with chairpersons of the private commercial banks to discuss a cut on interest rates for the hotel, tourism, and horticulture industries, which have been hit hard by the effects of the Novel Coronavirus (COVID-19) pandemic.
The hotel industry has been especially harmed by the spread of COVID-19. A report conducted by the Addis Abeba Hotel Owners' Association claimed the number of hotel rooms occupied each day has hit almost rock bottom for the past couple of months and reached below two percent, a freefall from the 64pc rate that was recorded a year ago.
By taking this measure, Enat Bank has joined Awash, United and Zemen banks, which have all at least partially waived commercial loan interest rates for various business sectors in the hopes of easing the burden on their clients.
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