Policy Bank Bags 950m Br Gross Profit

Feb 29 , 2020


[ssba-buttons]

The Development Bank of Ethiopia (DBE), the state policy bank, reported 950 million Br in profit before tax in the past six months. The Bank, which has started a five-year strategic reform plan, approved 6.3 billion Br in loans in the past six months, achieving 83pc of its target. Out of this, it disbursed 4.4 billion Br, 77pc of its target. Compared to the same period in the previous year, approved loans increased by four percent, while a seven percent reduction was seen for disbursed loans. Likewise, it collected 4.5 billion Br in loans, 118pc of its plan. Loan collection showed a 125pc increase. Total assets of the Bank, which has about 78 branches, reached 83.4 billion Br. At the end of the current fiscal year, the Bank plans to approve 13.7 billion Br, disburse 11.9 billion Br and collect 7.9 billion Br in loans.


Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...