Oromia Bank, Ethio Engineering Group Affiliate to Oversee Finances

Ethio Engineering Group partners with Oromia Bank to facilitate its foreign currency needs while it manages its finances through the Bank. President of Oromia Bank Teferi Mekonen inked a mutual agreement with Suleiman Dedefo, CEO of the group, at the Bank's headquarters last week. Ethio-Engineering Group (EEG), formerly known as the Metals & Engineering Corporation (METEC), still has large investments across its nine factories that require a constant supply of industrial inputs from abroad. It has reported a 101 million Br profit as its audit findings were revealed to Parliament last month, with debt obligations from its previous organizational structure remaining frozen. Teferi claimed that the Bank has earned a positive reputation for the timely provision of funds to its customers. Oromia Bank netted a profit of 1.2 billion Br partners with 40 other companies and institutions with similar agreements, according to Abdi Hunde, head of the partnership division at the Bank.