The president of Ethiopia's state development bank has resigned after leading a remarkable four-year recovery at the troubled institution. Yohannes Ayalew is leaving his post at the helm of the Development Bank of Ethiopia (DBE) effective immediately for "health reasons".
When he took over in 2020, the bank was in dire straits with non-performing loans soaring at 57 percent and losses spiraling. But under Yohannes’s leadership, a dramatic turnaround was achieved. Non-performing loans were slashed to a mere six percent through tough loan vetting.
By last year, the bank was profitably generating billions in birr. Profits hit five billion birr (over 107 million dollars) - a world away from the losses of before. At a farewell meeting with staff today, an emotional Yohannes said he was proud to have guided the bank's recovery. He promised to remain an advisor drawing on decades of development finance experience.
