Development Bank of Ethiopia (DBE) has been given the green light from the central bank to establish an enterprise that will undertake assets management. According to The Reporter, as of June 2016 DBE’s total outstanding loan was 31.63 billion Birr. Out of this loan disbursed to the agriculture sector was 6.17 billion Birr while loan given to businesses in the manufacturing sector was 21.35 billion Birr. Among other companies, Ethiopian Capital will now be administering defaulted textile companies including ELSE Addis PLC, Dire Dawa Textile and few more flower farms. It is to be recalled that ELSE Addis’ owners got out of Ethiopia without paying 1 billion Birr from loan, tax and payments from purchase of raw materials such as cotton.

Source: Ethiopian News July 24, 2017 11:48 UTC