Ethiopian Development Bank's (EDB) plan to strengthen the export sector through its loan program, has reported encouraging results, said its President, Wondosen Teshome.
The President informed that Bank forwarded loans amounting to Birr1.5 billion for export, industrial and agricultural sectors between 2003 and February 2006.
Wondosen Teshome said that granting loan to export sector at low interest rates, long period of re-payment with out collaterals has contributed considerably to export revenue growth.
Wodosen said some 64 investors engaged in eight sub-economic sectors benefited from Bank loan which pointed to the constructive role played by EDB for enhancement of the country's economy.
The loan contributed in the formation of many industrial and agricultural business establishments, he said.
About 33 flower farms, established with Bank loan became an important source of export revenue.
EDB also granted loan to 30 projects engaged in textile industrial sector and numerous projects engaged in leather products, he said.
The Bank granted Birr1.5 billion for execution of 107 industrial and agricultural developmental projects until February this year, he said.
It had granted Birr887 million loan to its customers, Wondosen said, adding that the amount of loan provided to 48 industrial projects amounted to Birr406 million .
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