- Its capital has been increased to 36 billion birr.
Dr. Yohannes Ayalew President of Ethiopian Development Bank, announced today at a press conference that the bank had been able to emerge from bankruptcy for the past two years.
He stated that the amount of bad loans has been reduced from 40% to 3%, with a goal of getting it down to 2% by June of this year.
The president recalled that the bank’s capital had been reduced from 7.5 billion birr to 2 billion birr due to losses. The bank’s capital has now been increased to 36 billion birr.
Because the Ethiopian Development Bank is a policy bank, it is known that selling bonds will generate 10 billion birr per year in capital increase for the bank.
In the 2014 fiscal year, the bank planned to lend 19 billion birr and grant 22 billion birr, according to Dr. Yohannes.
The Ethiopian Development Bank has announced that the fourth round of training for small and medium-sized business owners will begin tomorrow at the Millennium Hall, in collaboration with the World Bank.
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