2 July 2017

Ethiopia: European Inv't Bank Looks for the Missing Middle

With a rationale of providing more financial access to Small & Medium Enterprises (SMEs), the European Investment Bank and Ethiopia signed a 1.8 billion Br concessional loan agreement last week.

Admasu Nebebe, state minister of Finance & Economic Cooperation, and Pim Van Ballekom, vice president of the European Investment Bank, signed the loan agreement at Radisson Blu Hotel, in the presence of Getahun Nana, president of the Development Bank of Ethiopia (DBE).

The SMEs involved in agro-processing manufacturing sectors are primary beneficiaries of the loan managed by DBE. The fund will be availed in line with the lease financing programme of the Bank.

"The project will ease the challenge of the missing middle by providing more financial resources to SMEs," said Getahun.

Last year, DBE opened more than 70 branches in a bid to promote lease financing programmes in the country.

The new agreement is the largest ever financing agreement by the European Investment Bank since it partnered with the government of Ethiopia four decades ago. The new concessional loan will be repaid in 40 years with an interest rate of below one percent.


Govt Allows Access to Over 260 Blocked Websites

The Committee to Protect Journalists today welcomed the Ethiopian government's decision to allow access to 264 websites,… Read more »

See What Everyone is Watching

Copyright © 2017 Addis Fortune. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.