The Development Bank of Ethiopia has purchased 36 duty free vehicles from MOENCO for 13 medium and small-scale enterprises engaged in Tour Operation. The 36 vehicles are off road vehicles with a high performance designed for application on every kind of terrain.

This transaction is the last year’s sales realized based on special arrangement extended by the bank for the first time to lease financing credit facility for credit worthy borrowers engaged in development business including foreign currency generating business like Tour Operations in order to dodge challenges related to finance needed for capital goods. The Bank managed to secure the vehicles by arranging its own foreign currency for 42 million birr ($ 1.5 million) using a money from World Bank.

MOENCO’s top management, DBE management staff, and customers / tour operators have attended the handing ceremony held in the company’s compound on February 7, 2019. In the event, out of the 36 vehicles 26 were transferred to the Bank and the remaining ten vehicles are expected to be imported within a month period.

Following the event Ato Teshome Alemayehu, Vice President of the Bank’s Small and Medium Enterprise Finance Fund, received keys of vehicles from Ato Seife Getahun, MOENCO, Finance Director, representing the Managing Director.

Ato Teshome, congratulated the beneficiaries that they are the first to use this lease financing service in Tour operation business. In addition, he extended his gratitude for MOENCO staffs for the great effort conveyed in facilitating the purchase process.

Meanwhile, Representative of the Ministry of Culture and Tourism, Wzo Mamit Yilma expressed her appreciation for the encouraging contribution of the Bank to the development of the tourism industry. She also said that the Ministry of culture and Tourism will monitor the tour companies to ensure that the vehicles are used for the intended purpose.

Finally, Ato Seife expressed MOENCO’s gratitude to the customers for choosing Toyota and underscored MOENCO’s continued commitment to render dependable aftersales service to the best satisfaction of its customers. Moreover, MOENCO is ready to go extra mile for customers who could avail foreign currency by their own sources.