According to the Bank’s website, Dashen Bank is the oldest and second largest privately owned bank in Ethiopia. Dashen is a universal bank, serving more than 3.9 million customers across the country, with over 800 branches and more than 10.000 members of staff. Having grown rapidly over the last few years, the bank's portfolio is focused on the corporate and SME banking in the agriculture, trade and domestic services industries. They are also increasingly looking to grow their MSME and retail portfolio with new digital lending products.
FMO provides the bank with a senior loan facility, of which USD10 million is committed and USD10 million is uncommitted. The bank is a new client for FMO with FMO's facility providing much needed foreign currency for on-lending to the bank's agriculture/exporting clients. The funding is used for purchasing of machinery and working capital facilities to enable the clients to increase their productivity and the outputs they are exporting, as well as to increase the number of small holder farmers that they are working with. FMO's funding objective is in line with the regulations in Ethiopia, which requires foreign loans to local financial institutions to only be used for on-lending to foreign currency earning exporters.
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ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism