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Teklewold Atnafu Assumes Chairmanship for Development Bank

Feb 13 , 2024

Teklewold Atnafu, monetary policy advisor to the Prime Minister, assumes the chairmanship at the Board of the Development Bank of Ethiopia (DBE), taking over from Tegegnework Getu.

Tegegnework, an alumnus of Addis Abeba and Colombia universities, previously served as the secretary general and administrator of the UNDP.

Signed by Habtamu Hailemichael, director general of the Public Enterprise & Administration, Teklewold's appointment becomes effective beginning yesterday, February 12.

A policy bank, DBE has declared 6.5 billion Br profit for the ended fiscal year. It had lowered its nonperforming loans from 43pc a few years ago to 11.3pc. Its capital has grown to 38 billion Br from 2.6 billion Br three years ago. It collected 25 billion Br from bonds bought by banks and pension funds last year.

Yohannes Ayalew (PhD), who had served as vice governor of the National Bank of Ethiopia (NBE) under Teklewold, before he was moved to the DBE as a CEO.

Teklewold ceded his role as chairman of the state-owned Commercial Bank of Ethiopia (CBE) late last week to Ahmed Shide, minister of Finance.

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