Development Bank of Ethiopia (DBE) expressed its interest to strengthen ties with the European Investment Bank (EIB). The Bank’s President Ato Esayas Bahre made the remark while discussing with the EIB Financial Sector Evaluation Delegation from the headquarters of the European Bank, Luxembourg.

Ato Esayas said that the Bank, which has been getting financial and technical assistance from EIB for the last five years, hopes to have an incremental support and assistance over the coming years.

He underlined that the need is driven out of the economic expansion being witnessed within the country over the past years. As a result of the economic growth the demand for the Bank’s development credit has increased, he said.

“Particularly because of the policy which the government has been pursuing small and medium enterprises (SMEs) has flourished in the country and in turn the demand for credit from this side of the economy has grown” the President said.

Because of this and the fact that the Bank has undertaken its Business Process Re-engineering which enables it to be more efficient, Ato Esayas said DBE needs the assistance of the EIB and other partners more than ever.

Also present in the meeting Ato Tadesse Hatiya, Vice President of Credit Services noted that the Bank is ready to efficiently utilize the technical and financial assistance from the European Investment Bank.

The Export Credit Guarantee and Special Fund Administration Bureau Manager Woizero Yemenzwork Girafie, who also participated in the meeting said DBE is expecting to have a third Global Loan from the European Bank.

“We anticipate that the two banks will continue their relationship” she said in an interview to the Business Promotion and Communication Process of the Bank. The three member delegation from the EIB raised questions and discussed on issues pertinent with the DBE’s operations and the overall financial sector of the country.

It is stated in the the Development Bank of Ethiopia’s mission that it works for national development by mobilizing funds from domestic and foreign sources. At the final session of the discussion the European Investment Bank has received awards from the Development Bank of Ethiopia for its meaningful support it gave to the Bank.