In a social media post released last week, the president of the Development Bank of Ethiopia (DBE), Yohannes Ayaleu (Ph.D.), confirmed the institution’s allocation of ETB4-billion to empower and buttress start-up innovators.
The president, who pointed out that the budget can be raised if found necessary, declared that if new creative owners come to the bank and provide proof that the creative idea is theirs, the bank will do its part to turn their ideas into effective work according to the bank’s practice.
It should be noted that the DBE announced three months ago that it has set aside ETB10 billion in order to continue providing financial access to small and medium-sized businesses.
In related, Michu, the Cooperative Bank of Oromia’s uncollateralized digital lending product, has disbursed over ETB200 million in loan facilities to SMEs since it began operation in May 2022.
