Interestrates

The Development Bank of Ethiopia has revised the loan interest rates for agricultural projects. The bank announced a reduction in the interest rate for borrowers engaged in agricultural activities from 11.5 percent to 7 percent. This revision aims to encourage agricultural activities in Ethiopia by reducing the interest rate charged on loans to borrowers. The discounted loan interest seeks to utilize uncultivated land resources and encourage investors, farmers, and pastoralists in Ethiopia. The new interest rate of 7 percent applies to small, medium, and corporate project loan applicants in the agricultural investment sector. The Ethiopian Development Bank is a government…