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Development Bank of Ethiopia (DBE) held its Third Quarter Management Members Meeting from 21 to 22 April 2015 at the Hilton Addis Hotel.
Objective of the meeting was to evaluate the Third Quarter Performance Report of 2014/2015 and identify clearly the over and under achievement areas, weaknesses,
strengths, challenges and to draw the way forward and thereby to accomplish unfinished tasks before the plan period ends.
President of the Bank, Ato Esayas Bahre while opening the meeting said that the Bank has huge efforts in the on-going development activities being carried out in the Country. To this end, the President said the Bank should work aggressively to finance feasible projects which are instrumental in the overall development activities of the Country, in creating job opportunities and earning of foreign currency.
During the meeting, the Third Quarter Performance Report of the Bank was presented by the Strategic Planning and Development Effectiveness Process for both core and support processes of the Bank and held discussions among members of the management.
The report consists of the performance of the Bank and operating units; challenges faced during the quarter and proposed solutions including the internal strengths and weaknesses. The monitoring and evaluation, corporate and development affairs of the Bank, the status of strategic initiatives, credit, financial and other performances of the Bank are also described in the report.
According to the Report, the average performance of the Bank is in satisfactory level which stood at 84%.
The Bank approved Birr 3.3 Billion, disbursed Birr 1.72 Billion and Collected Birr 1.24 Billion during the quarter, the report indicated.
As of March 31st of 2015, the total number of employment opportunities created by DBE financed projects is 60,701 individuals in permanent and temporary basis. In addition to this, the newly approved 11 projects are expected to create job opportunities for 6,405 (3,505 temporary and 2,900 permanent) individuals. Besides, RUFIP also created significant number of employment in the country.
With respect to tax revenue and foreign exchange generation, the quarterly financed projects are expected to generate Birr 549.4 million and 417.1 million, respectively, the report shown.
In the Third Quarter, the Bank gained a net profit of Birr 243.3 Million after tax and provision, it indicated.
Following the report, various issues and ideas were raised and discussed on regular performance of the Bank especially on the ways how to decrease Non Performing Loans (NPLs), increase volume of bond sales, improve horizontal work relationships, focus on recruitment and enhance research works.
After the discussion, Ato Esayas emphasized the importance of identifying weaknesses rather than focusing on and achievements in the day-to-day work activities so as to enable for creating room for further improvement. Moreover, “project follow up is a key to meet set targets”, he said, adding, “more efforts should be also necessary in the increase of foreign exchange earnings”.
In the two day meeting, the status of the Second Quarter Management Resolution was presented and also discussed by members of the management.
Finally, the President has insisted management members of the Bank at all levels to do utmost efforts to minimize the number of Non Performing Loans (NPLs) as well as prepare a five year strategic plan of the Bank by cascading from GTP2.