Development Bank of Ethiopia (DBE) to provide over 2 billion birr loan for large-scale Agricultural Investments

The Development Bank of Ethiopia (DBE) plans to make available more than 2 billion birr loan for large-scale agricultural investments until the end of June.

The bank suspended loan service for one year to rectify errors and gaps as well as to prepare new directive.

However, based on the new directive, the bank is ready to provide over 2 billion birr loan until the end June, Hailu Misganaw, corporate promotion and relations acting director at DBE told FBC.

According to the director, priority will be given for those investors who submitted loan request letter last fiscal year. New applicants are also included in the plan.

The bank put in place new system and got started accepting loan request letter last month.

According to the new directive, an investor should have 7.5 million birr capital in order to get loan for large scale agricultural investments.

The bank entertains those who possess below the stated amount of capital under lease financing, the director noted.

According to the new directives, investors are also expected to have crop insurance coverage in order to get loan from the bank, Hailu stated.

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