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Ethiopian Dev’t Bank issues 50 Birr Bonds for Renaissance Dam

(April 12, 2012 – ENA) – The Development Bank of Ethiopia (DBE) said it has prepared 50 Birr bond in an intention to enable citizens buy bonds for the construction of the Grand Ethiopian Renaissance Dam.

While signing franchise agreement with seven financial institutions here on Thursday, DBE President Esayas Bahire said Commercial Bank of Ethiopia has been selling bonds via its 500 branches.

However, he said, the bond selling was limited to towns. But now preparation has been finalized to reach out the rural community.

To this end, he said the agreement helps enhance accessibility of bonds via these institutions that could reach out the greater public.

He said the bank has reduced the price of a bond from 500 Birr to 50 Birr in view of enhancing the participation of the rural community.

According to him, the bank is striving to solicit 50 percent of the finance used for the construction of the dam.

Omo, Dire, Harar , Benishangul Gumuz Micro Finance institutions, Amhara and Dedebit Credit and Saving Institutions and Oromia Saving and Credit Share Company are among the signatories.

Amhara and Credit and Saving Institution (ACSI) representative Zigju Esubalew on his part said ACSI has registered successful results in deepening the culture of saving in various alternatives.

He said sale of bonds is underway in 230 branches of the institution.

Dedebit Saving and Credit Institution Human resource Manager, Shishay Amare on his part said his institution has finalized preparation to sell bonds through 133 branches.

Source: Ethiopian News Agency (ENA)

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Source: HornAffairs.com

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