Awassa Textile to Commence Expansion through 168m Br Loan
The loan secured from the Development Bank of Ethiopia, is expected to triple revenues Eyasu Atnafu, general manager of Awassa Textile S.C. By addisfortune.net Awassa Textile S.C. is to undertake a 168 million Birr expansion project in its plant in one month through a loan agreement that it concluded on April 17, 2015 with the Development Bank of Ethiopia (DBE). The loan will be used to undertake the 168m Birr expansion project, of which 134 million Birr will be used on capital expenditure, while the remaining sum is for working capital, said Eyasu Atnafu, general manager of Awassa Textile S.C. During the third quarter of the current fiscal year, DBE had allocated 11 billion Birr in loans and approved 7.8 billion Birr for the three priority sectors by the government of Ethiopia, according to Esayas Bahre, president of DBE. These are, manufacturing, textile being one aspect of it, with agriculture and agro-processing being the other two priority sectors that the