The financing is the 'largest ever' by EIB and it will be managed by the state bank, Development Bank of Ethiopia (DBE)
Addis Abeba, June 29/2017 - "Small business across Ethiopia will benefit from a new 6.4 billion Birr (247 million Euro) lending and leasing program to be managed by the Development Bank of Ethiopia announced in Addis Abeba earlier today", according to a statement from the European Investment Bank (EIB).
The new initiative, backed by the European Investment Bank and World Bank, "represents the first international support in the Ethiopian financial sector and the European Investment Bank's largest ever engagement in Ethiopia". The new initiative will back financing for local companies by Ethiopian microfinance institutions, commercial banks and leasing firms.
"The European Investment Bank has supported investment to improve energy, water, communications and private enterprise across Ethiopia for more than 40 years and is a key partner for sustainable development in Ethiopia" said Admasu Nebebe, Ethiopia's State Minister of Finance and Economic Cooperation. New support for investment by Ethiopian companies through the DBE "will increase access to finance and strengthen the role of the financial sector in this country. We welcome the increased engagement of the European Investment Bank since the opening of the EIB Addis Ababa office two years ago and look forward to strengthened cooperation in the years ahead."