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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.

Addis Abeba Nov. 21/2016 – A project to build a mega fertilizer production facility has been launched by Prime Minister Hailemariam Desalegn and King Mohammed VI of Morocco on November 19. An agreement for the building of the plant was signed by Morocco’s state-owned phosphate mining company OCP-SA and the Ethiopian Ministry of Public Enterprises at King Mohammed VI visit. OCP-SA will invest 2.3 billion USD between the years of 2017 and 2022 to for the building of the plant in Dire Dawa.