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Another Turkish Textile company has received a huge loan from the Development Bank of Ethiopia (DBE).
Sahinler Ethiopia Textile Investment Private Limited Company received 618 million birr to produce clothing, knitted items and other textiles in Adama, 99Km south east of Addis Ababa. Although Capital was unable to reach representatives of Sahinler Ethiopia Textile PLC for comment, it is understood that they initially applied for over a billion birr loan.
In February, DBE had provided one of its largest loans; 1.42 billion birr to another Turkish company, Saygin B.M. Technology Group LLC, for the construction of a cable manufacturing plant on 15hct of land outside Sebeta town, 24Km west of Addis Ababa in Oromia special zone. The company had asked for 2.1billion birr, one of the largest requests from the private sector.
Tadesse Hatiya, Vice President of Credit Services at DBE said they generally give out less money than companies may request. This is because some companies tend to overstate their needs deliberately due to currency exchange or budget issues. The bank’s research department verifies the value of imported equipment and items purchased when a loan application is made and take this into account before issuing the loan.
DBE is currently evaluating 30 funding requests for 3.2 billion birr presently in the pipeline, in areas like food processing, manufacturing and coffee farming. Cable manufacturing, plastic packaging, bio-fuels, education, health equipment, gypsum production and pharmaceutical production are also other investments in the works.
Tadesse further said that unlike commercial loans where collateral are the main means of guarantee of loan returns, DBE loans look at the totality of projects and as a result tend to release the loan in stages after approval to monitor the progress of project(s).
DBE also revealed that it had approved 88 million birr worth of loans for a dairy farm, processing plant and pharmaceutical plant; Cadilla Pharmaceutical factory located in Gelan city for 68 million birr and Helen Agro Industry Private Limited Company located in Sululta for 20 million birr respectively.
These loans are part of DBE’s plan to promote Ethiopia’s national development agenda through finance and close technical support to viable projects from the priority areas of the government by mobilizing funds from domestic and foreign sources while ensuring its sustainability. As a result, the bank has anticipates a one hundred percent success rate by the year 2020 in all projects financed.