The Development Bank of Ethiopia announced it has allocated four billion birr that will go into financing startups. Meanwhile, Cooperative Bank of Oromia’s uncollateralized digital lending product, Michu, has disbursed over 200 million birr loan facilities since it started operation in May 2022.
Recap last week with Shega Weekly.
Development Bank of Ethiopia Allocates 4 Billion Br for Financing Startups
The Development Bank of Ethiopia (DBE) announced it has allocated four billion birr that will go into financing startups.
The Bank, which shared the statement on its social media page last week, added that the fund would be increased if necessary.
It’s been a year since the DBE announced it is preparing to invest in startups and innovative ideas. It had also stated that it was developing a model in line with the country’s investment needs.
Founders are expected to reach out to DBE with the necessary requirements fulfilled, and the Bank is promising to help within its mandate.
It’s to be recalled that three months ago the Bank stated that it has set aside 10 billion birr as it plans to continue providing financial access for small and medium enterprises.
The Digital Ethiopia Strategy 2025 stipulates that available sources such as DBE and other investment channels should be used to improve access to finance.
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