Commercial Bank of Ethiopia/CBE/
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Energizing GERD
Ever since its establishment, the Commercial Bank of Ethiopia /CBE/ has significantly been playing a major role in the overall socio-economic development of the country. More importantly, its role in the construction of the Grand Ethiopian Renaissance Dam /GERD/ appears to be very critical. As GERD belongs to Ethiopians, so does to the Commercial Bank of Ethiopia which has provided over 93.3 billion birr’s of the financial supply until last May 2020. In terms of foreign currency, the Bank has been pumping nearly 300 million dollars every year to the project. This’s a very significant share CBE has contributed since the commencement of the dam. CBE has so far provided nearly 300 billion birrs for another hydroelectric and other sources of energy projects such as Giligel Gibe 1,2 and 3, solar, wind and waste-to-energy projects, among others. With regards to CBE employees’ contribution to the projects, they have contributed their monthly salary in two rounds while the Bank bought a tenmillion birr bond although it is not significant. CBE has not only undertaken loan supply service but it has also been dealing with complicated payment transactions and related financial management processes in the construction of the dam; the bank usually goes the extra mile to secure and supply foreign currency required for the project. “GERD, for me, is a struggle against poverty and backwardness; it’s a move toward self-reliance. GERD is our future source of foreign exchange and pride; it’s key for the liberation of our economy.”
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Abyssinia Business Nework // ABN
GERD, for me, is a struggle against poverty and backwardness; it’s a move toward self-reliance. GERD is our future source of foreign exchange and pride; it’s key for the liberation of our economy.
ልዩ እትም 2012 Special Edition of GERD 2020
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