Banking in Ethiopia

Foreign banks did not allow to provide service in Ethiopia, instead use medium term as the government of Prime Minister Abiy Ahmed pursued wide economic reforms.

AADB was a government owned bank providing both medium- and long term loans to agricultural and industrial sectors.

[10][11] Banks with large customers shifted into public enterprises, and forced to lend to the government for developmental plans.

Based on central bank planning policy, the CBE willingly obliged to lend to public enterprises according to the government instruction.

During the Ethiopian Civil War, the profitable public enterprises reduced due to worsened foreign exchange shortages, and bankruptcy issues.

[2] Shortly after proclamation, Awash International Bank was established in 1994 by 486 shareholders and by 1998 its capital reached up to 50 million ETB.

Former headquarter of the Commercial Bank of Ethiopia in Addis Ababa
The first bank Bank of Abyssinia was opened in 1905 after concession with the National Bank of Egypt