Governor Mamo Mehretu of the National Bank of Ethiopia (NBE) addressed the ongoing financial sector reforms at the 7th Annual East African Finance Conference in Addis Ababa. He revealed a significant rise in the loan portfolio of Ethiopian financial institutions, now standing at Birr 2.3 trillion. Projecting continued growth, the Governor anticipates an increase in financial institutions to 121 by 2024, with total assets and deposits reaching Birr 3.4 trillion and 2.4 trillion, respectively. Mamo sees foreign investment as a catalyst for innovation and competition, with policy changes designed to attract foreign capital and best practices. These initiatives, according to the Governor, create a dynamic environment where companies can access diverse financing options and strengthen savings.

Source: Ethiopian News May 10, 2024 12:24 UTC