The Industrial Parks Development Corporation (IPDC) has opened financial services in Special Economic Zones (SEZs) to all banks and highlighted over $1.5 billion in government investment for their development. Fitsum Ketema shared these updates at a half-day consultation workshop on strengthening banking coordination and investor support.
The Industrial Parks Development Corporation (IPDC) announced that financial services for investors in Special Economic Zones (SEZs) are now accessible through all commercial banks, ending the prior restriction to the Commercial Bank of Ethiopia alone. This reform aims to enhance service delivery, competition, and a business-friendly environment.
IPDC, which manages 14 SEZs and industrial parks hosting over 250 domestic and foreign investors (more than 60% domestic), reported that the government has invested over $1.5 billion over the past decade in developing the zones and infrastructure. Fitsum Ketema, Chief Officer for Operations and Park Management (also referred to as Deputy CEO), addressed a half-day consultation workshop focused on boosting financial institutions' role, coordination among investors, banks, and government, and supporting local investors.
Ketema stated that the zones have attracted billions in investments, generating foreign exchange, thousands of jobs, technology transfer, and promoting private sector growth in manufacturing, agriculture, trade, and services. He urged banks to increase financing for the sector, drawing foreign direct investment and fostering economic clusters.