Bank Group Signs First Private Sector Loan in Ethiopia

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The Bank Group on Tuesday in Addis Ababa signed its first private sector loan agreement in Ethiopia. The US$ 200 million loan agreement between the Bank Group representing other donors - IFC, EIB and Development Bank of Ethiopia - and the Derba Midroc Cement PLC will help the Ethiopia-based company finance its projects in the country. The signing ceremony was attended by the country’s President, Grima Worlde Giorgis; Ethiopia’s Deputy Prime Minister, Addisu Legesse; as well as other senior government officials, members of the diplomatic corps, and key private sector players. The agreement was signed on behalf of the Bank Group by Vice President Mandla Gantsho, while the chief executive of Derba Midroc Cement PLC, Sheik Mohammed Hussein Al-Amoudi, signed for his company.

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