“We don’t advise banks to wave rules and regulations”

“We don’t advise banks to wave rules and regulations” - Ahmed Abetew, Minister, Ministry of Industry

Responding to questions from local journalists about the government’s failure to support the Dire Dawa Textile Factory which was privatized in 2007, to access a loan from the Development Bank of Ethiopia (DBE).

The Minister stressed that the company’s requests have been rejected because they didn’t comply with the requirements to access credit. Though the textile sector has been a priority and the government has offered incentives including tax holidays and access to credit the Minister says, companies must also present a concrete feasibility study and make themselves credit worthy. The Bank [DBE], on the other hand, should act in accordance with the rules and regulations of the National Bank of Ethiopia. We don’t advise banks to wave rules and regulations to support a company unfairly, he concluded.

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