Development Bank of Ethiopia (DBE) had failed to attract any bidder after foreclosing Omo Valley Farm Cooperation. The farm, which is 10,000 hectares of cotton farm, is being auctioned for 166.5 million Birr default loan.
The farm is found in Hamer, Southern Nation, Nationalities and Peoples’ State and it was owned by Turkish investors until it was foreclosed by DBE.
In the recent past it seems like it is not Omo Valley that is failing to attract bidders after failing to pay their debt. 4 months ago Condor Farms had the same fate with a threshold price of 142.9 million Birr. The same thing had also happened to Elsie Addis and Dire Dawa textile factories.
In the past 5 months the Bank had foreclosed different properties yet failed to grab attention of bidders. It was after noticing these trends that the Bank’s management established a new firm that will effectively administer the unsold properties.
The National Bank of Ethiopia has also approved the establishment of the firm, that has a capital of 10 million Birr.