Sunday, October 26, 2008

Eritrea: Eritrean Development And Investment Bank Extends 50 Million Nakfa in Loan in 2007/2008

The Eritrean Development and Investment Bank extended a loan amounting to 50 million Nakfa in 2007/2008 to a number of citizens engaged in agriculture, tourism and other sectors, according to Dr. Goitom Woldemariam, manager of the Bank.

He indicated that as part of efforts to promote economic development and encourage domestic tourism, the Bank extended over 550 million Nakfa in loan over the past 10 years to individuals engaged in various sectors.

Dr. Goitom further pointed out that besides the opening of branch offices in Mendefera, Tessenei and Agordat, the Bank is giving priority to the opening of a center in Massawa in connection with the establishment of the Free Economic Zone. There are also plans to set up branch offices in Adi-Keih and Barentu, he added.

The Eritrean Development and Investment Bank is a national institution that provides loans and technical consultation to citizens investing in various domestic ventures.