The Development Bank of Ethiopia (DBE) announced a four billion birr ($75.5M) allocation for startup finance.
The Bank, which made the announcement last week on its social media website, added that the money would be replenished if necessary.
It’s been a year since the DBE announced plans to invest in entrepreneurs and new ideas. It also announced that it was building a model to meet the country’s investment requirements.
Founders must contact DBE with all relevant standards met, and the Bank promises to assist within the scope of its mandate.
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Recall that the Bank announced three months ago that it had set aside 10 billion birr as it intended to continue granting small and medium-sized businesses access to capital.
The Digital Ethiopia Strategy 2025 states that to increase access to finance, available resources like DBE and other investment channels should be utilised.
For more information, visit https://www.dbe.com.et/#
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh