National resolution may be indispensable, but it is not, however, sufficient. If we are to find finance to our development endeavors, we have to raise our financial weight by developing the culture of saving.

The late Prime Minister Meles Zenawi
At the Grand Ethiopian Renaissance Dam’s foundation stone laying on April 2, 2011 in Guba, Benishangul Gumuz Regional State, 40 km east of the border with Sudan.

Sunday, 18 August 2013 21:10
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The great successful men of the world have used their imagination... they think ahead and create their mental picture in all it details, filling in here, adding a little there, altering this a bit and that a bit, but steadily building - steadily building.

Robert Collier (1885-1950)
American writter, famous for his self help books and new thoughts of meta physics

Wednesday, 17 July 2013 17:47
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Photo: insideethiopia.com

Teklewold Atnafu, governor of the National Bank of Ethiopia, was referring to the pressure that the governmental financial institution, Commercial Bank of Ethiopia (CBE), has been put under due to the new housing development project financing it was mandated to accomplish by the government, at the First National Business Conference which was held at the United Nations Economic Commission for Africa (UNECA) on June 27, 2013. Teklewold, in his response to a question about the possibility of the crowding out effect that the mandate that was given solely to CBE to handle the financial end of the new public housing scheme will have on private banks, also said that the investment is too huge to be handled by private banks (more than ETB 60 billion), and he didn’t think that it would be profitable for private banks to provide mortgage loans of 90 pct, that will mature after twenty years for a mere 7.5 interest rate, half the industry average. He also said no complaint had been forwarded from the private banks on the issue. Also present at the Forum was Prime Minister Hailemariam Desalegn along with ministers and Mulu Solomon, president of the Ethiopian Chamber of Commerce and Sectoral Association (ECCSA).

Wednesday, 17 July 2013 17:45
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