The Development Bank of Ethiopia Intends to sell mortgaged property registered as collateral to recover unsettled debt



  • Category : Vehicle Foreclosure
  • Posted Date : 11/14/2022
  • Phone Number : 0115244269
  • Source : Reporter
  • Closing Date : 12/21/2022


Auction Announcement

The Development Bank of Ethiopia Intends to sell mortgaged property registered as collateral to recover unsettled debt granted stated here -in-under ,that it has acquired in accordance to the authority given to it under Proclamation No. 97/98, 216/92 and 1147/2011.



 Name of the borrower/  Mortgagor     Property Location      Types  of   property  Land size in hectare   Level of  Auction   Auction floor price/Birr/  Date and Time of Auction


GGF Integrated production farm Plc Somale Regional State, Shebelle Zone,Adadle woreda Jarrie Kebele. Irrigated cotton and onion production farm, Building farm machineries and land development.       300





11,951,074.50 December 22,2022 from 10:00 AM  to 12:PM
2 Majang Agro-Industry Plc Gambella Regional State, Agnuwah Zone, Mengesh wereda ,Ashene and Baya Keble. Irrigated banana Farm Plantation, Building, and farm machineries. 1,000/ partially developed with banana plantation /   First  241,180,405.31 December 21 ,2022 from 10:00 AM  to 12:PM



  • Participants shall submit 25 % of the floor price only in CPO as an earnest.
  • A winner shall pay the total auction price within 15 (Fifteen) calendar days. Failure to pay within the specified time period shall be the cause for the loss of the earnest price and cancellation of the award. Beside the winner shall also be held responsible for the shortfall that may occur during the re-auctioning.
  • The Auction will be undertaken at the farm site of the projects addressed above.
  1. Only bidders, the borrower or his legal representative and the invited government organs are allowed to attend the auction process.
  • The winner is expected to pay 15% VAT (Fifteen Percent Value Added Tax), and all other legal and administrative fees and charges that are associated with the sale of the property and any payment for ownership transfer.
  • All investment capital Goods (machineries, vehicles etc.) have been imported duty free, So the winner should have customs duty exemption privilege while acquiring these goods or else he is duty bound to pay any government taxes.
  1. The winner can apply for a loan facility for the unpaid balance as per the Bank’s Credit Policy and Procedure. However, a winner who is interested to purchase the farm on credit basis is required to submit, to the bank, documents that confirm he/she/it, under his/he/its name and/or a company in which he/she/it holds 10%(Ten pct) or above share/s, is clear from any statutory or other liabilities, including unsettled payment claims.
  2. Interested and eligible Participants may obtain more information from the Development Bank of Ethiopia Project Rehabilitation and Loan Recovery Directorate 2nd Tower 3rd Floor or through telephone 011-524-42-69 or can be accessed on the web site of the Bank. The Bank can arrange a pre-scheduled visit for interested Participants.
  3. The Bank reserves the right to cancel the auction partially or fully.

                                                      THE DEVELOPMENT BANK OF ETHIOPIA