EFFORT emptied Development Bank

In mid-January, the ailing Development Bank of Ethiopia (DBE) declared once again that it is in need of rescue fund. The business weekly, Addis Fortune, reported that the bank called on the National Bank of Ethiopia (NBE) to inject more capital to refill its empty cash registers.Though the health of all state banks has been in dramatic decline within the last ten years, crisis-ridden DBE has been in much more serious trouble carrying a huge burden on its shoulders in the form of non-performing loans. Much of these loans are taken out by crooked “borrowers” like the Endowment Fund for the Rehabilitation of Tigray, which is infamous for defaulting on the multi-billion birr loans it has been raking out from state banks.

EFFORT emptied Development Bank -Read more –

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