Dev’t Bank Passes Decisions that Support COVID-19 Affected Projects

The Development Bank of Ethiopia has passed decisions that support costumers exposed to market and production disruptions due to Coronavirus.

According to a press release it sent to the Ethiopian News Agency, the executive committee of the Development Bank of Ethiopia has set directions that buttress customers affected by COVID-19 induced crisis, identifying the nature of the projects.

Depending on the nature of the projects, the bank has decided to provide debt relief; extend interest free working capital to exporting projects such as flower exporters, in addition to debt relief; cancel interest on loan; extend letter of credit payment period, and cancel payment for extension of letter of credit payment.

The release recalled that all countries have suspended flights and closed their borders because of COVID-19.

These have caused serious disruptions on the production and market of customers of the bank, it added.

Among the affected projects are exporting enterprises and others which imported raw materials but could not sale their produces, the release explained.

There are also projects whose products perished as they could not export them on time.

DBE hopes that the decisions passed will keep afloat many projects and help them to become successful companies after the crisis.  

Source: Ethiopian News Agency