29.06.2017, 16:35
EIB confirms support for 6 billion Birr private enterprise financing programme
OREANDA-NEWS. Small business across Ethiopia will benefit from a new 6.4 billion Birr (EUR 247 million) lending and leasing programme to be managed by the Development Bank of Ethiopia announced in Addis Ababa earlier today. 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.
«The European Investment Bank has supported investment to improve energy, water, communications and private enterprise across Ethiopia for more than 40 years and is a key partner for sustainable development in Ethiopia. New support for investment by Ethiopian companies through the Development Bank of Ethiopia will increase access to finance and strengthen the role of the financial sector in this country. We welcome the increased engagement of the European Investment Bank since the opening of the EIB Addis Ababa office two years ago and look forward to strengthened cooperation in the years ahead.» said H.E Admasu Nebebe, State Minister of Finance and Economic Cooperation.
«The European Investment Bank is committed to supporting long-term investment across Africa that improves infrastructure and strengthens economic activity. This project confirms the EU Bank’s increased backing for financial services and enterprise crucial for future generations of Ethiopians. Access to finance is essential for private enterprise to expand and innovate. This new initiative will support the local entrepreneurship and the creation of manufacturing jobs by hundreds of companies across Ethiopia. The strengthened partnership with the Development Bank of Ethiopia represents the European Investment Bank’s largest ever engagement in Ethiopia and demonstrates the European Union’s clear commitment to help unlock sustainable economic activity in this country.» highlighted Pim van Ballekom, European Investment Bank Vice President.
The European Union supports Ethiopia's ambitious economic development agenda through financial and technical cooperation. The European Investment Bank has unique technical and financial experience that is helping to improve infrastructure and private sector investment across Ethiopia. The new Leasing and Lending for SME initiative will help to strengthen the economic resilience of vulnerable communities and reflects Europe’s commitment to help Ethiopia improve access to finance.» confirmed Chantal Hebberecht, European Union Ambassador to Ethiopia.
Agreements for the new 70 million Euro European Investment Bank support for private enterprise, the European Investment Bank’s largest ever engagement in Ethiopia, were signed by Pim van Ballekom, European Investment Bank Vice President and Getahun Nana, President of the Development Bank of Ethiopia. The signature ceremony was attended by Abraham Tekeste, Ethiopia's Minister of Finance and Economic Cooperation, H.E. Ambassador Chantal Hebberecht, Head of the European Union Delegation to Ethiopia and Carolyn Turk, World Bank Country Director for Ethiopia, Sudan and South Sudan, business representatives and European Ambassadors.
«The European Investment Bank has supported investment to improve energy, water, communications and private enterprise across Ethiopia for more than 40 years and is a key partner for sustainable development in Ethiopia. New support for investment by Ethiopian companies through the Development Bank of Ethiopia will increase access to finance and strengthen the role of the financial sector in this country. We welcome the increased engagement of the European Investment Bank since the opening of the EIB Addis Ababa office two years ago and look forward to strengthened cooperation in the years ahead.» said H.E Admasu Nebebe, State Minister of Finance and Economic Cooperation.
«The European Investment Bank is committed to supporting long-term investment across Africa that improves infrastructure and strengthens economic activity. This project confirms the EU Bank’s increased backing for financial services and enterprise crucial for future generations of Ethiopians. Access to finance is essential for private enterprise to expand and innovate. This new initiative will support the local entrepreneurship and the creation of manufacturing jobs by hundreds of companies across Ethiopia. The strengthened partnership with the Development Bank of Ethiopia represents the European Investment Bank’s largest ever engagement in Ethiopia and demonstrates the European Union’s clear commitment to help unlock sustainable economic activity in this country.» highlighted Pim van Ballekom, European Investment Bank Vice President.
The European Union supports Ethiopia's ambitious economic development agenda through financial and technical cooperation. The European Investment Bank has unique technical and financial experience that is helping to improve infrastructure and private sector investment across Ethiopia. The new Leasing and Lending for SME initiative will help to strengthen the economic resilience of vulnerable communities and reflects Europe’s commitment to help Ethiopia improve access to finance.» confirmed Chantal Hebberecht, European Union Ambassador to Ethiopia.
Agreements for the new 70 million Euro European Investment Bank support for private enterprise, the European Investment Bank’s largest ever engagement in Ethiopia, were signed by Pim van Ballekom, European Investment Bank Vice President and Getahun Nana, President of the Development Bank of Ethiopia. The signature ceremony was attended by Abraham Tekeste, Ethiopia's Minister of Finance and Economic Cooperation, H.E. Ambassador Chantal Hebberecht, Head of the European Union Delegation to Ethiopia and Carolyn Turk, World Bank Country Director for Ethiopia, Sudan and South Sudan, business representatives and European Ambassadors.
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