State Liability Company Settles 34b Br in Public Enterprise Debts

Liability & Asset Management Corporation (LAMC) to soak up the debt of state-owned enterprises has settled 34.1 billion Br in arrears owed by three such companies.

The former Metals & Engineering Corporation (MetEC) – now the Ethio-Engineering Group (EEG) – the Ethiopian Electric Utility (EEU) and the Chemical Industry Corporation owe the state-owned Commerical Bank of Ethiopia (CBE) billions of Birr, including 16.4 billion Br by the EEG.

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