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CBE earmarks $500 million boost for Ethiopian manufacturing sector

Commercial Bank of Ethiopia (CBE) has earmarked a $500 million financial boost to the country’s manufacturing sector. The banking company has increased the budget allocation by $200 million in comparison to the $300 released in March. However, key market players have, urged for more finances in the sector as the industry tries to reach its potential capacity.

The manufacturing sector in Ethiopia offers a variety of business opportunities for its investors. The country is building several industrial parks as a springboard to its economic development. One of these, the Hawassa Industrial Park was inaugurated in 2016 and is the largest park of its kind on the continent. Another, Bole Lemi I Industrial Park serves the textile and leather products. The government further plans to build 15 industrial parks by June next year. Ethiopia plans to be Africa's industrial hub by 2025 and has recorded a consistent economic growth. Its industrialisation efforts have been backed up by Government support as well as investors.