Oromia Bank Lowers Loan Interest Rate

April 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.


UNDP Nods $2m for National Dialogue

United Nation Development Program (UNDP) has signed an agreement with the Ministry of Finance and National Dialogue Commission, allocating 2.2 million dollars for the upcoming national discussion. Managed by an independent trust fund, and in addition to the annual budget allocated by the Ethiopian government, UNDP is looking to set up a financial buffer scheduling to raise 32.8 million dollars in support funds from development partners over the next three years. The Dialogue Commission was est...


Street Snack

The rainy season is going to be missed for at least one reason: boiled corn on the cob. As the customer captured here, it has been an enjoyable street food for the city's residents to keep them warm. More importantly, it was a livelihood for many street vendors. ...


Stair Shop

A shop and a shoeshine stall have been set up under the stairs of an overhead bridge. In the most crowded parts of Addis Abeba, there is always some type of vendor selling everyday goods, serving the lower-income population...