British International Investment (BII) and FMO, the Dutch Entrepreneurial Development Bank, have jointly committed up to USD 20 million each to Dashen Bank, one of Ethiopia’s largest private banks. The USD 40 million loan aims to drive agricultural exports and provide much-needed foreign exchange in Ethiopia. BII and FMO are supporting Dashen Bank to bolster the country’s agriculture sector, which employs 80 percent of the population and contributes 39 percent to GDP. “We are pleased for achieving this historic milestone,” said Asfaw Alemu, CEO of Dashen Bank. The commitment makes BII and FMO among the first foreign institutions to provide long-term funding under Ethiopia’s bank intermediation directive issued in 2021.

Source: Ethiopian News August 30, 2023 14:49 UTC