Tuesday, September 27, 2022
HomeEthiopian News114 Ethiopian investors disappear with 2 billion birr loans from Development Bank 

114 Ethiopian investors disappear with 2 billion birr loans from Development Bank 

Investors disappear _ Ethiopia
Google map of Ethiopia – red lines indicate Benishagul gumuz region.

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Development Bank of Ethiopia has a history of struggling to recover loans to investors as clients who borrowed money fail to pay it back. 

In 2018, there was a report indicating that bad loans from the bank reached well over 30 percent. There were times when it managed to recover from foreclosure.

A news report by DW Amharic, published on Thursday, seems to suggest that days of struggle to recover money borrowed from “investors” are not bygone. 

114 investors who borrowed over 2 billion Ethiopian birr from the bank to work in the Benishangul Gumuz region of Ethiopia have disappeared, according to the source. 

DW Amharic cited the region’s rural land administration and Investment office that the investors have disappeared without starting business activity for which they borrowed huge loans from the bank. 

69 thousand hectares of land was distributed to the investors, according to Amante Geshi, a senior official in the region’s investment office,  who spoke to DW Amharic.

He said the region has also lost money it was supposed to get from the land distributed to the “investors” in the form of tax. 

From what he said, they were supposed to engage in the agriculture and mining sectors. 

Yet, the regional state is claiming that this year has seen progress in investment in those areas. 

According to authorities in the region, about 4 percent of youth in the region are engaged mining and agricultural activities. 

It is unclear from the report if the investors are in the country or aboard. 

Last year in December, 74 members of Ethiopian in the Diaspora reportedly submitted a request for an investment licence to engage in the hotel industry and agriculture. 

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5 COMMENTS

  1. The country is bleeding blood and money for the last 31 years under EPRDF/Prosperity Party who prospered themselves by looting the whole country.

    Tyranny, Theft, corruption, embezzlement, lies and deceit, incompetent ethnically selected Oromo so called leaders holding key government positions, disappearance and abduction of political oppositions and innocent people, Genocide and ethnic cleansings, the highest crime in the world with no accountability inf act encouraged and aided by Aby government cadres disguised as “Shene” savages, going backwards into dark ages ethnocentric politics and policies all describe the situation of Ethiopia for the last 31 years.as been the history of EPRDF/Prosperity Party for 31 years.

    Abiy Ahmed the Terrible is now acting like a rabid dog wanting to bit everyone that crosses his way. He knows he has lost all the support he has had because of his continues lies, lack of empathy empty for people, empty rhetoric’s, preaching and dirty politics. His talks, demeanor and body languages have progressively changing with squinch face, throwing hands and threats at the parliament and people’s representatives as the typical Tyrant is emerging.

    He is exploiting the Federal Army with fake praises and divisive talks to use them as his personal servants, shield and defenders by portraying the Federal Army as under siege and hated by the very people they are respected and loved.

    .

  2. This sounds most of them wete Tigrains, and their ghost and corrupt investors plus few opportunist individuals How cone otherwise there were no binding rules and regulations were put in place that govern the terms of the loans, contracts and defaults in case.

  3. They may be in California, Dallas, Minnesota or Atlanta polishing up their asylum application. Or that joint called Al-Qahirah sucking up to el-Sisi.

  4. Getting loans which are better called feasting on public money was open to all the TPLF members and businesses. EFFORT was the major robber of the banks in the country. The free tickets to such loans were simply being a Tigraian. It was in accordance with the declared politics of the TPLF which is economic empowering of the Tigraians at the expense of the country. There were reports which exposed that the borrowers used the money they borrowed under the guise of investment to build big buildings and change to dollars to be sent out of the country. This organized looting of the country happened because it was facilitated. Some of these criminals live in the west and should be charged.

  5. They were not “investors” but rather band of thieves.

    The Ethiopian Development Bank, which gave the money was headed by a Tigre whose primary goal was stealing money from Ethiopia to benefit other Tigres. That aim was in line with overall objective of the then Tigre-led government to drain Ethiopia’s resources to benefit Tigres and/or Tigre organizations. In line with that primary objective, the head of the Development Bank quickly gave the money to Tigres who presented themselves as ‘investors’, who quickly defaulted on the ‘loans’ after draining the bank accounts.

    Tigres were/are the cancer of Ethiopia and must be surgically removed from the rest of the country. Ethiopia will not have peace with Tigres in the midst, and hence must be kicked out of Ethiopia. It would be easier to deal with them if confined in Tigri rather than hiding around the country. They must be ‘forced’ to move to Tigrai by all means necessary, short of physically forcing them out like the Tigre led government did to Eritreans. There are many ways to do that, list of which should be not befriending them, out casting them from communities and community organizations, not giving them employment anywhere in the rest of Ethiopia, not patronizing any businesses owned and/or operated by Tigres, making it difficult for them to get licenses to do any business, and the like.

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