Eritrean Investment and Development Bank contributes in reinforcing development programs

The Eritrean Investment and Development Bank is contributing in reinforcing development programs, explained Mr. Goitom Woldemariam, manager of the Bank.

Asmara, 5 May 2012- The Eritrean Investment and Development Bank is contributing in reinforcing development programs, explained Mr. Goitom Woldemariam, manager of the Bank.

He told ERINA that the Bank had been providing loan services to efficiently designed projects and that since its establishment it has provided loan amounting to about 700 million Nakfa to investors in the sectors of agriculture, industry, construction works and tourism.

He further said that in accordance to the regulations of the Bank, the request for loan is valid when the project is approved by the department of loan after assessing the market and technical aspects as well as the magnitude of the project, and that so far there are 830 customers.

He further indicated that the customers have so far effectively used the loans they took from the Bank and that it is providing continuous technical support for the success of the projects.

Mr. Goitom also explained that the future plan of the Bank is to open branch offices in all the Administrative regions and begin loan service.

The Eritrean Investment and Development Bank was established in 1996 with the objective of reconstruction and rehabilitating war damaged infrastructures.