The Development Bank of Ethiopia has announced that it will not be financing any government sector in the 2022/2023 fiscal year. The bank will allocate Birr 30bn for approval and Birr 24bn for disbursement to private investments in agriculture, industry, small and medium enterprises. The bank has been making an annual profit of Birr 4bn for the past two years and its capital has reached Birr 37bn.

The Development Bank of Ethiopia has increased funding to the private sector in an effort to accelerate the country’s industrialisation, according to its President Yohannes Ayalew. The bank approved 22 billion birr ($564m) in 2020 and plans to approve 30 billion birr in 2021, with a disbursement of 24 billion birr. Ayalew added that the bank’s profits were around 4 billion birr per year for the past two years. The bank’s capital has risen from 2 billion birr to 37 billion birr, he said.