Oromia Bank Lowers Loan Interest Rate

Apr 12 , 2020

Oromia International Bank has lowered the interest rate on loans as part of its move toward easing the burden on businesses due to the economic slowdown caused by the spread of the Novel Coronavirus (COVID-19). The Bank temporarily slashed the interest rate by 0.25pc to 3.45pc for certain business sectors. It also waived fees that had been imposed on loan rescheduling, early settlement charges as well as ATM transactions. Commitment and arrangement fees have been also lifted temporarily. The new adjustments are aimed at mainly easing the burden on the tourism sector, hotel services and horticulture, according to Teferi Mekonnen, acting president of the Bank. The Bank is also granting a grace period for borrowers that are facing difficulties in repaying their loans, according to the president. Oromia also reduced the commission that is typically charged to extend purchase orders and letters of credit from 3.75pc to 2.65pc. A week ago, the Bank donated five million Birr to the national committee that is mobilising funds to ward off the potential spread of COVID-19.



A street vendor around Chechnya sells colourful giant teddy bears. Theatrical spectacles with evading street vendors and officials from the Code Enforcement Authority are ubiquitous across the streets of Addis Abeba. Nearly a sixth of the capital-employed labour force is engaged in the informal sector. A series of campaigns by the Peace & Security Administration Bureau to reel in the proliferation of street vendors has been largely unsuccessful as more and more people migrate into the capita...



Daily labourers around Qaliti attempt to lift a portion of a giant 16-wheeler truck that was in an accident. A recent decision by the Ethiopian Customs Authority to deny clearing procedures for imports of vehicles through fractionalized letters of credit has fueled anxiety in the car import business sector. An announcement by the Adama Customs Commision Branch office last week of an auction for 237 vehicles has sparked outrage as several importers and Ethiopian diaspora are up in arms over alleg...



Renovations around the soon-to-be-inaugurated Adwa Zero Km museum around Piazza kick up in gear. The museum is an integral element of a series of mega projects in the capital carefully watched over by Mayor Adanech Abiebe. The 4.6 billion Br project sits on a whopping 45,000 sqm space and houses 11 blocks with auditoriums, galleries, gyms and art installations. The contractor is China Jiangsu International ETCG, while consultancy services are provided by Ethiopia Construction Design Supervision...