The Development Bank of Ethiopia has made a significant announcement regarding a considerable reduction in interest rates for loans extended to projects within the agricultural sector, particularly targeting small medium-scale endeavors and corporate initiatives.
This strategic decision, unveiled through the Bank’s official social media platform on Friday, reflects a noteworthy shift from the previous interest rate of 11.7% to a considerably reduced rate of 7%.
Highlighting the rationale behind this interest rate adjustment, the 113-years-old state-owned institution, that prides itself for project-based lending approach, aims to incentivize and invigorate investment in Ethiopia’s agricultural landscape.
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