ADDIS ABABA- Commercial Bank of Ethiopia said its disbursement capacity for development projects has reached 100 billion Birr per year.
Belihu Takele, Corporate Communication Director at the Bank told The Ethiopian Herald that governmental development sectors such as the export, manufacturing and agricultural sectors have been priorities in the Bank’s financing program.
He said boosting the volume and quality of export commodities is crucial in order to achieve the Nation’s progress towards industrialization. “The more we invest on manufacturing products, the more foreign exchange we earn and enhance import substitution. We have been discussing our financing and supportive capacity with producers, suppliers and exporters in every sector,” he noted.
As part of its relationship maintaining activity and in recognition of their good performance, the Bank recently awarded 105 organizations of the export and money transfer sector, that generated more than 1 million USD during 2017/18 fiscal year.
According to Belihu, the Bank has been engaged on large scale resource mobilization activities in the past six months. As a result, it earned over a nine billion Birr profit before tax and also collected more than 29 billion Birr in terms of incremental deposit. In addition, deposit position has reached 481 billion Birr. Belihu indicated that foreign
currency is part of its resource mobilization task and has earned 4.3 Billion USD from different forex sources including export remittance.
In terms of accessibility, the Bank opened 55 branches during the above mentioned period of time and reached a total number of 1346 branches throughout the country. Considering the diversified members of the public, several saving options are being provided as well as electronic money transaction systems.
The Ethiopian Herald February 23/2011
BY HENOK TIBEBU
