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The Development Bank of Ethiopia (DBE), one of the three state-owned banks, known for providing finances for private, state and public-owned development projects for the past five decades, is once again ready to lend 76 billion birr for priority sectors of investment over the coming five years.
The bank has adopted the objective of availing financing for major investment sectors to support the Second Growth and Transformation Plan (GTP II), meet its targets.
The statement Capital obtained from DBE indicated that the bank has plans to lend 75.99 billion birr in the coming five years and will have the capacity to release 70.72 billion birr from the approved 75.99 billion birr in loans.
The bank also plans to collect 30.85 billion birr from borrowers. According to the plan, non-performing loans (NPLs) will be reduced to five percent, at the end of the GTP II period.
DBE intends to approve 12.9 billion birr in loans this year to clients operating on projects of lower economic priority and is prepared to disperse 10.8 billion birr from the approved 12.9 billion birr. The statement indicated that in the current fiscal year, the bank aims to collect 4.77 billion birr in interest from such loan recipients.
1.6 billion birr has been put aside for loans to small and medium enterprises for the 2015/16 fiscal year.
In the past fiscal year, the bank had amassed 678.4 million birr of net profits, expected to increase significantly in the current year, the bank said. DBE issued the first public bonds last year for the Grand Ethiopian Renaissance Dam, and was able to collect 1.3 billion birr.
In this fiscal year, which marks the end of the first GTP, DBE has approved 9.69 billion birr of loans and has given out credits of 6.84 billion birr. According to last year’s performance report, a total of 4.09 billion birr was collected from borrowers.
In the 2014/15 fiscal year, the bank has given loans to 370 companies, which together have the capacity of nesting over 25,000 jobs.
According to the bank’s current plan, DBE is projected to earn 1.04 billion birr in net profits in the 2015/16 fiscal year.