-~IVI YuCim&-5 MAM- hC7L,'&7L~1WL The Federal Democratic Republic of Ethiopia Audit Services Corporation INDEPENDENT AUDITOR'S REPORT TO DEVELOPMENT BANK OF ETHIOPIA We have audited the accompanying financial statements of Development Bank of Ethiopia, Electricity Network Reinforcement and Expansion Project, financed under IDA credit no. 5126 ET, Parts 3.1, 3.2, 4.2 and 4.3; IDA credit no. 5814 ET, Parts 3.1 and 3.2; and Grants TF A2302, TF A4038 and TF A4039, which comprise the balance sheet as at 30 June 2019, and the statement of sources and uses of funds and Designated Account statements for the year then ended, and a summary of significant accounting policies and other explanatory information and annexes 1 to 4. Managements' Responsibility for the Financial Statements Management is responsible for preparation of financial statements that give a true and fair view under the modified cash basis of accounting as described in note 2 to the financial statements and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors'Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obta ufficient and appropriate to provide a basis for our audit opinion. s R '2 251-011-5515222 Fax 251-011-55 8a1: 'C@ehionet.com E52 251-011-5535012 251-011-5535015 251-011-5535016 e INDEPENDENT AUDITOR'S REPORT TO DEVELOPMENT BANK OF ETHIOPIA (continued) Opinion In our opinion, the financial statements give a true and fair view of the financial position of Development Bank of Ethiopia, Electricity Network Reinforcement and Expansion Project, financed under IDA credit no. 5126 ET, Parts 3.1, 3.2, 4.2 and 4.3; IDA credit no. 5814 ET, Parts 3.1 and 3.2; and Grants TF A2302, TF A4038 and TF A4039, as at 30 June 2019 and of its sources and uses of funds for the year then ended in accordance with the modified cash basis of accounting described in note 2 to the financial statements. Report on Other Requirements In our opinion, - during the period IDA and Trust funds have been used in accordance with the conditions of the relevant financing agreements, with due attention to economy and efficiency, and only for the purposes for which the financing was provided; - goods, works and services financed have been procured in accordance with the relevant financing agreements including specific provisions of the World Bank Procurement Policies and Procedures; - all necessary supporting documents, records and accounts have been maintained in respect of all Project activities; - The Designated Accounts have been maintained in accordance with the provisions of the relevant financing agreements and funds disbursed out of the Accounts were used only for the purposes intended in the financing agreements; - national laws and regulations have been complied with; and - Except in MFI 9, the financial performance of the project was satisfactory. 30 December 2019 c Reo 2 DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 STATEMENT OF SOURCES AND USES OF FUNDS FOR THE YEAR ENDED 30 JUNE 2019 Cumulative from 12 June 2012 to 2019 30 June 2019 2018 Ethiopian Birr Ethiopian Birr Ethiopian Birr FINANCING Gain on foreign exchange 3,908,916 35,628,978 12,407,186 Interest income 23,203,848 72,304,692 12,780,133 TOTAL FINANCING 27,112,764 107,933,670 25,187,319 PROJECT EXPENDITURES Modernization support 11,373,790 25,164,420 521,228 Interest expense 7,979,957 32,897,111 6,727,355 TOTAL PROJECT EXPENDITURES 19,353,747 58,061,531 7,248,583 EXCESS OF FINANCING OVER EXPENDITURES 7 0233 3 DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 BALANCESHEET AS AT 30 JUNE 2019 2019 2018 Notes Ethiopian Birr Ethiopian Birr ASSETS NON-CURRENT ASSETS Long term loans 161,818,225 165,087,342 CURRENT ASSETS Cash 3 149,047,265 69,208,588 Short term loans 173,075,790 54,199,547 Debtors 4 311.652,037 266.190,812 633,775,092 389,598,947 TOTAL ASSETS 795,593,317 554,686,289 LIABILITIES GRANT 5 142,900,037 11,987,911 LONG TERM LIABILITIES Long term loan 6 599,235,288 497,718,183 CURRENT LIABILITIES Ministry of Finance 3,585,851 2,867,073 TOTAL LIABILITIES 745,721,176 512,573,167 NET ASSETS 49.872.141 411 REPRESENTED BY ACCUMULATED FUND 49.872,141 42,,13.12 4 Vip co DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, PARTS 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, PARTS 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 NOTES TO THE FINANCIAL STATEMENTS 1 PROJECT INFORMATION The Project was established to implement specific parts of IDA credit No. 5126 ET which is jointly financed by the Government of the Federal Democratic Republic of Ethiopia and the International Development Association (IDA). The main objective of these parts of the Project is the establishment and operation of credit facilities providing financing to participating financing institutions and private sector enterprises for specific development projects concerned with renewable energy and energy efficient products. In June 2016, additional finance was provided by IDA credit No. 5814 ET and grants (TF A2302, TF A4038 and TF A 4039) from the Trust Fund for Energy SME Support in Sub-Saharan Africa. Under the terms of the new financing agreements, some parts of the Project are carried out in coordination with the Ministry of Water, Irrigation and Electricity. 2 SIGNIFICANT ACCOUNTING POLICIES a) Basis of preparation These financial statements have been prepared on a modified cash basis whereby non-monetary assets are expensed when acquired and monetary assets and liabilities are carried at fair value. b) Currency These financial statements are presented in Birr. Transactions in foreign currency are translated into Birr at the approximate rate of exchange prevailing at the date of the transaction. Cash balances denominated in foreign currencies are translated into Birr at the exchange rates ruling at the balance sheet date. 5 DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 NOTES TO THE FINANCIAL STATEMENTS 2019 2018 Ethiopian Birr Ethiopian Birr 3 BANK BALANCES National Bank of Ethiopia- A/c No.100381040073 125,562,745 3,881,624 A/c No.200011040002 562,653 4,312,653 A/c No.026151560000 2,432,901 2,294,150 A/c No.1011171300038 11,734,890 48,874,054 A/c No.1011713000390 2,914,076 9,846,107 A/c No.101171300045 2,920,000 - A/c No.101171300043 2,920,000 149,047,265 69%208588 4 DEBTORS Intra-bank account 304,745,696 261,788,027 Interest receivable 6,906,341 4,402,785 2266,19 5 GRANT Withdrawn amount of a grant of five million United States dollars, representing the proceeds from USD 5200,000. 1429003 11,98,91 A 6 N DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 NOTES TO THE FINANCIAL STATEMENTS 6 LONG TERM LOAN Ministry of Finance Unsecured loan, on-lent from IDA, bearing interest at the rate of 1.5% per annum, and repayable in 40 semi-annual instalments of Birr 13,975,870 each from June 2022 through December 2041. 7 DATE OF AUTHORIZATION The Vice-President of the Bank authorized the issue of these financial statements on 30 December 2019. 7C 7 DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 DESIGNATED ACCOUNT STATEMENT - For period ended 30 June 2019 Account number 026151560000 Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related credit IDA 5126 ET Currency USD Equivalent USD in Ethiopian Birr Opening balance at 30 June 2018 83,318.51 2,294,150.18 Add: Gain on foreign exchange - 138,750.32 Ending balance at 30 June 2019 2,432,900.50 8 DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 DESIGNATED ACCOUNT STATEMENT For period ended 30 June 2019 Account number 101171300038 Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related credit / grant IDA 5216 ET; IDA 5814 ET Currency USD Equivalent USD in Ethiopian Birr Opening balance at 30 June 2018 1,774,998.60 48,874,053.95 Add: Reimbursements from World Bank 3,592,401.75 101,517,106.80 5,367,400.35 150,391,160.75 Less: Payments for expenses 4,965,520.52 141,376,403.21 401,879.83 9,014,757.54 Add: Gain on foreign exchange - 2,720,133.50 Ending balance at 30 June 2019 401,879.83 11,7 81.04 9C 9 DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 DESIGNATED ACCOUNT STATEMENT For period ended 30 June 2019 Account number 101171300039 Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related credits IDA 5126 ET; TF A2302 Currency USD Equivalent USD in Ethiopian Birr Opening balance at 30 June 2018 357,589.05 9,846,107.22 Add: Reimbursements from World Bank 4,479,665.26 125,263,885.89 4,837,254.31 135,109,993.11 Less: Payments for loan disbursements and expenses 4.737,457.20 133,054,189.95 99,797.11 2,055,803.16 Add: Gain on foreign exchange - 858,272.46 Ending balance at 30 June 2019 99,797,11 2,914,07 10 DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 DESIGNATED ACCOUNT STATEMENT For period ended 30 June 2019 Account number 101171300043 Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related credit / grant IDA 5126 ET; TF A4039 Currency USD Equivalent USD in Ethiopian Birr Initial deposit from World Bank 100,000.00 2,824,120.00 Add: Gain on foreign exchange - 95,880.00 Ending balance at 30 June 2019 100,000.00 2,920,000.00 11 DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 DESIGNATED ACCOUNT STATEMENT For period ended 30 June 2019 Account number 101171300045 Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related credit / grant IDA 5126 ET; TF A4039 Currency USD Equivalent USD in Ethiopian Birr Initial deposit from World Bank 100,000.00 2,824,120.00 Add: Gain on foreign exchange - 95,880.00 Ending balance at 30 June 2019 100,000.00 12 000-00 12 ANNEX 1 DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 PROJECT RECEIPTS AND USE OF FUNDS FOR THE YEAR ENDED 30 JUNE 2019 Cumulative from 12 June 2012 to 2019 30June2018 2018 Ethiopian Birr Ethiopian Birr Ethiopian Birr RECEIPTS Deposits to Designated Accounts 232,429,233 742,135,327 50,931,042 Loans to beneficiaries repaid - Annex 4 note a) 146,666,231 420,571,861 75,596,818 Gain on foreign exchange 3,908,916 35,628,979 12,407,186 Interest received, net of paid - Annex 4 note b) 13,439,113 36,087,091 4,926,365 TOTAL RECEIPTS 396,443,493 1,234,423,258 143,861,411 USE OF FUNDS - ANNEX 2 CREDITS Part 3.1 Loans provided to eligible household/ subcredit recipients by MFI's 21,411,174 186,240,768 59,096,149 Part 3.2 Loans provided to eligible private sector enterprises 141,375,682 417,180,210 78,047,822 Part 4.2 Modernization Support 760 9,631,365 385 Part 4.3 Outreach programme - MOWIE - 3,639,182 - GRANTS Part 2 Technical assistance to MFI's and DBE 11.,373,030 11,893,873 520,843 TOTAL PAYMENTS 174,160,646 628,585,398 137,665,199 EXCESS OF RECEIPTS OVER USE OF FUNDS 222,282,847 6 REPRESENTED BY Cash at Bank - Designated Accounts 22,921,867 Cash at Bank - Local Accounts 126,125,398 ocatpicR Receivable from Development Bank of Ethiopia- , Annex 4 - note c) 304,745,696 Advances to MFI's & PSE's, as yet unutilized - 7 Annex 3 152,044,899 \ 13 CM ANNEX 2 a DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 Cumulative from 12 June 2012 to 2019 30June2018 2018 Ethiopian Birr Ethiopian Birr Ethiopian Birr USE OF FUNDS BY PROJECT COMPONENT Component 3.1 MFI's Loans provided to eligible household/ subcredit recipients by MFI 1 (OCSCO) 21,763,498 15,000,000 Loans provided to eligible household/ suberedit recipients by MFI2 (Wasasa) 896,158 6,916,643 226,593 Loans provided to eligible household/ subcredit recipients by MFI 3 (DECSI) 14,177,586 23,350,526 3,673,770 Loans provided to eligible household/ subcredit recipients by MFI 4 (ACSI) 85,671,500 25,000,000 Loans provided to eligible household/ subcredit recipients by MFI 5(OMO) 25,000,000 - Loans provided to eligible household/ suberedit recipients by MFI 6(SPECIALIZED.F) 8,024 5,000,000 3,767,036 Loans provided to eligible household/ suberedit recipients by MFI 7(HARBU.MF) 1,148,555 2,500,000 631,000 Loans provided to eligible household/ subcredit recipients by MFI 8(PEACE) 1,250,000 3,750,000 2,440,000 Loans provided to eligible household/ subcredit recipients by MFI 9(AGAR MF) - - Loans provided to eligible household/ subcredit recipients by MFI 10(VISION) 3,105,250 10,000,000 6,894,750 Loans provided to eligible household/ subcredit recipients by MFI 11(MEKLIT) 8250 1,038,600 213,000 Loans provided to eligible household/ subcr R, by MFI 12(M 1,250,000 1,250,000 Sub total 1411174 186,240,768 59,096,149 14 ANNEX 2 b DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 Cumulative from 12 June 2012 to 2019 30 June 2018 2018 Ethiopian Birr Ethiopian Birr Ethiopian Birr 3.1 MFI's - sub total 21,411,174 186,240,768 59,096,149 Component 3.2 PSE's DAMA Trade 63,774,353 10,525,803 Temesgen Ayana Erena 5,536,350 5,536,350 Universal Electronics 22,695,715 - Rensys Engineering and Trade 20,807,004 14,718,338 Birtukan Yirga Yitayaw 8,277,049 8,277,049 Meseret Mare Gebre 4,132,660 4,132,660 Alphasol Mdular Energy 11,760,843 11,760,843 Green Scene energy Plc. 1,396,424 1,396,424 Tigest Tadese G/Mariam 2,653,950 2,653,950 Wondewosen Deneke Aboye 2,015,331 2,015,331 BCAD Consulting Managment Plc 4,810,189 4,810,189 DRHS General Business Plc. 8,938,125 8,938,125 Green Hope trading Plc. 4,018,579 4,018,579 Alviol General Trading Plc. 10,793,525 10,793,525 MESAF Trading Plc 3,263,516 3,263,516 EZOP- EL Engineering PLC 298,031 - Vera International Business 54,365,749 165,968,520 28,386,803 Biftu Adugna Business SC 21,721,060 - Lydet Co. PLC 19,413,391 43,794,909 16,092,802 Genet Nigussie (ETHIO-ADD) 2,200,000 - SAT Import Trading PLC 8,324,076 8,324,076 Sub total 141,375,682 417,180,210 78,047,822 Component 4.2 Modernization Support Training and workshops 6,796,176 - Operating costs 760 2,835,189 385 Sub total 760 9,631,365 385 Component 4.3 Outreach Programme - MOWIE Technical Assistance _3,639,182 Grant component 2 s Rep&. Technical Assista 9 373,030 11,893,873 520,843 Grand Total 60.646 62-8585,398 137,665,199 15 ANNEX 3a DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 ANALYSIS OF LOANS TO MFI's AND PSE's Loans provided to Beginning beneficiaries/ Ending advance Advances to suberedits by advance balance MFI's MFI's balance ETB ETB ETB ETB To MFI's MFI 1 OCSSCO 3,750,000 3,750,000 7,500,000 MFI 2 Wasasa 896,159 1,250,000 896,158 1,250,001 MFI 3 DECSI 15,827,060 14,177,586 1,649,474 MFI 4 ACSI 21,250,000 17,500,000 38,750,000 MFI 5 OMO Microfinance - - MFI 6 SPECIALIZED.F 1,258,024 3,750,000 8,024 5,000,000 MFI 7 HARBU.MF 1,148,555 1,250,000 1,148,555 1,250,000 MFI 8 PEACE - 7,500,000 1,250,000 6,250,000 MFI 9 AGAR MF 1,250,000 1,250,000 MFI 10 VISION 605,250 5,000,000 3,105,250 2,500,000 MFI 11 MEKLIT 1,037,000 1,250,000 825,600 1,461,400 MFI 12 METEMAMEN - 1,250,000 1,250,000 Sub-total 47,022,048 42,500,000 21,411,174 68,110,874 C 16 ANNEX 3b DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 ANALYSIS OF LOANS TO MFI's AND PSE's PSE documents or Beginning Loans made invoices Ending advance (LC opened etc) obtained/ LC advance To PSE's balance by DBE cancelled balance ETB ETB ETB ETB Temesgen Ayana Erena 5,536,350 5,536,350 - Universal Electronics 14,699,946 14,699,946 Rensys Engineering and Trade - Birtukan Yirga Yitayaw 11,390,379 8,277,049 3,113,330 Meseret Mare Gebre 7,161,320 4,132,660 3,028,660 Alphasol Mdular Energy 11,760,843 11,760,843 - Green Scene energy Plc. 1,396,424 1,396,424 - Solartech Renwable EnergyPIc 1,686,118 1,686,118 Tigest Tadese G/Mariam 2,653,950 2,653,950 - Wondewosen Deneke Aboye 2,015,331 2,015,331 - BCAD Consulting Managment Plc. 12,100,596 4,810,189 7,290,407 DRHS General Business Plc. 13,266,828 8,938,125 4,328,703 Green Hope trading Plc. 4,018,579 4,018,579 - Alviol General Trading Plc. 10,793,525 10,793,525 MESAF Trading Plc 3,263,516 3,263,516 - Vera International Business 64,203,006 54,365,749 9,837,256 Lydet Co. PLC 19,413,391 19,413,391 - Ever Bright Plc 2,617,103 2,617,103 Abebaye Abate Wasse 6,649,192 6,649,192 Hedasie Telecom share Company 23,547,628 23,547,628 BMLA Trading Plc 3,733,372 3,733,372 Genet Nigussie (ETHIO-ADD) 3,402,310 3,402,310 Sub-total 5,536,350 219,773,357 141,375,682 83,934,025 Sub-total - MFI's 47,022,048 42,500,000 21,411,174 68,110,874 Grand Total _55 262.273,357 152,044,89 17 Se O ANNEX 4 DEVELOPMENT BANK OF ETHIOPIA ELECTRICITY NETWORK REINFORCEMENT AND EXPANSION PROJECT IDA CREDIT NO. 5126 ET, parts 3.1, 3.2, 4.2 and 4.3 IDA CREDIT NO. 5814 ET, parts 3.1 and 3.2 GRANTS TF A2302, TF A4038 and TF A4039 a) LOANS TO BENEFICIARIES REPAID Loans provided to eligible private sector enterprises are short term. This is the total amount repaid through 30 June 2019. b) INTEREST RECEIVED, NET OF PAID Interest is charged on loans given to beneficiaries and is payable at a lower rate of interest to the Ministry of Finance under a subsidiary loan agreement. c) RECEIVABLE FROM DEVELOPMENT BANK OF ETHIOPIA This balance is an intra-bank account which the Project has with the banking division of the Bank. It is comparable to cash at bank. 18