Mekelle፡Telaviv, Nairobi, Pretoria, London, (Tigray Herald)
CBE Allocates 1 Billion USD in foreign exchange to manufacturing sector in nine months
Commercial Bank of Ethiopia (CBE), allocated 1 billion USD in foreign exchange to manufacturing industries during the past nine months of the current Ethiopian fiscal year, said Banks’s President Abie Sano.
This represents a 12 percent year-on-year increase compared to the same period last year, he added.
The announcement was made during a panel discussion held at Addis Convention Center as part of the “Made in Ethiopia” expo 2025 initiative, a national movement focused on boosting the manufacturing sector’s productivity and global competitiveness through institutional reforms and public-private collaboration.
Abie sano further noted that 21 percent of the CBE’s total loan portfolio was directed to manufacturing enterprises. While admitting this allocation still falls short of the sector’s growing demands, he underscored the “significant strides” made in addressing critical financing gaps.
In addition to foreign exchange support, the CBE provided 43 billion ETB in low-interest loans to manufacturers over the past year – a 95 percent surge compared to the previous fiscal year. The bank has also prioritized funding for startups and entrepreneurs, approving up to 10 billion ETB in loans to drive innovation and job creation.
“We remain committed to bridging the financial and operational challenges facing manufacturers while fostering an ecosystem for emerging businesses,” Abie stated.
