4AIPC EFCMD /165/2020 ft January 28, 2020Ref.No. Date

Mengistu Bessir

Task Team Leader SME Finance Project

World Bank

Subject:- Submitting External Audit Report of SME for June 30, 2019

Attached h6rewith, please find independent external auditor's report with management

letter for Small and Medium Enterprises Lease Financing Project / SMEFP/ credit No

P148447, IDA 57930

With, egards,

External Fund & Credit ManagemntDirectorate oirector

ncl.V' Audit report with management letter

CC:* V/P-Small and Medium Enterprises Financing

Development Bank of Ethiopia

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DEVELOPMENT BANK OF ETHIOPIA

SMALL AND IMEDIUM ENTERPRISEFINANCE PROJECT (SMEFP) (P148447, IDA

57930 & EUROPEAN INVESTMENT BANKCONTRACT NO. 85755)

FINANCIAL STATEMENTSAND AUDIT REPORT

JNE 30,2019

Kokeb & Melkamu Audit PartnershipChartered Ceitified Accoutts (UK

Authorized Auditorski Ethiopi

P. O. Box 33645 Addis Ababa, EthiopiaTelephone 251-1t1h515-07?52

Eail: kokmelk,(Mob.Tel. 251-91-120-37-7851-61-46

Fax 251-11-52-26-88

DEVELOPMENT BANK OF ETHIOPIA, SMALL AND MEDIUMENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930)

FINANCIAL STATEMENTS AND AUDIT REPORTFOR THE YEAR ENDED JUNE 30,2019

TABLE OF CONTENTS

Independent A uditors' R eport.................................1-2.. ............................................. 1-2

The Statem ent of Financial Position............................................................................... 3

The Statem ent of Sources and U ses of Funds................................................................. 4

The Statem ent of Designated Account-IDA ................................................................... 5

The Statement of Designated Account-EIB ............................................................ 6

N otes to the Financial Statem ents...................................7...... .................................. 7-12

Consolidated expenditures ( ETB -IDA USD)............................................................. 13

Consolidated expenditures ( U SD - ID A)..................................................................... 14

Consolidated expenditures ( ETB -EIB).......................................1................................. 15

Consolidated expenditures (EUR O-EIB)..................................................................... 16

M anagem ent Letter.........................ter.17-25.---- -------------------..... .......................... 17-25

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1

Kokeb & Melkamu Audit PartnershipChartered Certified Accountants (UK)

INDEPENDENT AUDITORS' REPORT ON THEFINANCIAL STATEMENTS OFDEVELOPMENT BANK OF ETHIOPIASMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP)

We have audited the accompanying financial statements of the Small and Medium EnterpriseFinance Project (SMEFP) financed by the International Development Association, and theEuropean Investment Bank through credit Number 57930 - ET comprising the statement of financialposition as at July 7th, 2019 and the Statement of Sources and Uses of Funds for the year thenended, and a summary of significant accounting policies and other explanatory information shownfrom pages 3 to 16.

Basis for Qualified opinion

We conducted our audit in accordance with the International Standards on Auditing applicable tothe audit of financial statements. Furthermore, we have audited the Project's compliance with theprovisions and covenants of the International Development Association (IDA LOAN No. 57930 -ET), the European Investment Bank Financing Agreements.

Our responsibilities under those standards are further described in the Auditor's Responsibilities forthe Audit of the Financial Statements section of our report. We are independent of the Organizationin accordance with the International Ethics Standards Board for Accountants' Code of Ethics forProfessional Accounts (IESBA Code) together with the ethical requirements that are relevant to ouraudit of the financial statements in Ethiopia, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the IESBA Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

The Project Management Team does not maintain separate Loan records of lessees which arefinanced by DBE Districts and Branches as it does for PFI Loans. The quarterly and annualstatement of the Project is prepared based on different information and reports extracted from theBank's operational units and financial institutions report, which handle the working capital part of thefinancing. As a result, we coul not t complete rcors of leases loans centrall t the projectManagement unit, list of SME wich are currently benefited from lease financing together with theirloan 5talus, list of SME's in the process of financing, the status of lease loans with the ProjectManagement Team.

Qualified OpinionIn our opinion, except for the effects of the matter described in the Basis for Qualified Opinionparagraph the financial statements present fairly, in all material respects, the finanupl uionabalance of the Small and Medium Enterprise Finance Project (SMEFP) implemented by theDevelopment Bank of Ethiopia, the Statement of Sources and Uses of Funds for period coveringJuly 1, 2018 up to June 30, 2019 in accordance with t.)ii~imanagement policy ofDevelopment Bank of Ethiopia adopted for the Project. Awi t 'r*e ove, he rojet wain all material respects, in compliance with the Financing A ts an on acts.

2

With respect to the statements of sources and uses of funds submitted during the period listed onpage 4, in our opinion:

(a) The statements, together with the procedures and internal controls involved in theirpreparation, can be relied upon to support the related withdrawals;

(b) e are not certain whether the proceeds of the designated account have been usedclusiely for eligible expenditures and provisions and covenants of the FinancingAgreement.

Management's Responsibility for the Financial StatementsThe management is responsible for the preparation and fair presentation of the financial statementsin accordance with the accounting policies of the Project, and for such internal control asmanagement determines is necessary to enable the preparation of a project report that is free frommaterial misstatement, whether due to fraud or error.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the project report as a whole isfree from material misstatement, whether due to fraud or error, and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with ISAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material if, individually or inthe aggregate, they could reasonably be expected to influence the economic decisions of userstaken on the basis of these financial statements.

The engagement partner on the audit re I10iEindependent auditor's report is Ato Kokeb

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Ke & Mudit Partners ip Addis AbabaChartered Certified Accountants (UK) , dd December 26, 2019Authorized Auditors in Ethiopia D

P. 0. Box 33645Addis Ab-ab:, EthiopiaTelephonc251-1 1-6-16-69-56E-mail: kokmelk(a ethionet.et

Mobile Tel. 251- 9 1-1 2 0 -3 7 -78/51-61-46Fax 251-11-552-26-88

3

DEVELOPMENT BANK OF ETHIOPIA, SMALL AND MEDIUM ENTERPRISE FINANCE PROJE1(SMEFP) (P148447, IDA 57930)STATEMENT OF FINANCIAL POSITIONAS AT 30 JUNE 2019

Currency: ETB

ASSETSCURRENT ASSETS Notes 2018

Cash at banks 3 1,228,333,081 1,225,807,097Debtors and prepayments 4,561,403Total Assets 1,228,333,081 1,260,368,500

Fund Balance 4 1,228,333,081 1,260,368,500

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4

DEVELOPMENT BANK OF ETHIOPIA,SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930)STATEMENT OF INCOME AND EXPENDITUREFOR THE YEAR ENDED 30 JUNE 2019

SOURCES NotesMAIN 5 2018

IDA Credit 5.1 1,047,038,619 1,322,830,984EIB Credit 5.2 325,807,000 336,668,000

1,372,845,619 1,659,498,984.00OTHERf7654Foreign Exchange Gain 6 71,410,520 44,921,062

71,410,520 44,921,0621,444,256,139 1,704,420,046

USES 7

Window 1: Lease Finance to SMEsExpeniture IDA

931,992,878 417,062,766Expeniture EIB 192,755,932 -1,124,759,328 417,062,766

Window 2: Working Capital Finance to SMEsExpeniture IDA 282,778,786 26,985,075Expeniture EIB 63,553,444 _

346,332,230 26,985,075

Bank Charge 5259 3,705

1,471,091,554 444,051,546EXCESS OF USES OVER SOURCES 26,835,418) 2 6) 1260 3368,500

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5

DEVELOPMENT BANK OF ETHIOPIA,SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930)STATEMENT OF DESIGNATED ACCOUNT- IDAFOR THE YEAR ENDED 30 JUNE 2019

IDA Credit

Account number 0101171300037Depository Bank National Bank of EthiopiaRelated Credit and Grant Loan No. 57930 and Project ID No. P 148447Address Addis Ababa, EthiopiaCurrency USD

USDOpening balance brought forward, 30 June 2018 50,314,444Add:-Transferred from World Bank-Credit 37267,703

87,582,147Less:- Transferred to Birr account, & (63,621,047)

Bank charges

(63,621,047)Add:- Gain on exchange (

Ending balance,June 30,2019 23,961,099

NB: The following rates were used for conversion: lus Dollar=28.7703 Birr 29.20Birr (Separately for opening and closing balances of DA)

CV

6

DEVELOPMENT BANK OF ETHIOPIA,SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930)STATEMENT OF DESIGNATED ACCOUNT- EIBFOR THE YEAR ENDED 30 JUNE 2019

Account number 0101171300042Depository Bank National Bank of EthiopiaRelated Credit and Grant Loan No. 85755Address Addis Ababa, EthiopiaCurrency EURO

EUROOpening balance brought forward, 30 June 2018 10,000000Add:-European Investment Bank credit 10,000,000Reimbursement from advance payment

20,000,000

Less:- Transferred to Birr (7,963,223)Bank charges

(7,963,223)Add:- Gain on exchange

Ending balance,June 30,2019 12,036,777

NB:The following rates were used for conversion: 1EUR=32.3521 Birr &33.2033 Birr (Separately for opening and closing balances of DA)

7

DEVELOPMENT BANK OF ETIIIOPA,SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP)LOAN No. 57930-ETFOR THE YEAR ENDED JUNE 30, 2019

1. BACKGROUND

The Federal Democratic Republic of Ethiopia (GoE) signed an agreement with InternationalDevelopment Association (IDA) and European Investment Bank (EIB) on June 15 2015 for Smalland medium Enterprise Finance Project (SMEFP) IDA will finance the project by investing 200million US Dollar and 76 million Euros. The project will be active up to August 31, 2022.

The Project Development Objective of SMEFP is to increase access to finance for eligible small andmedium enterprises in Ethiopia based on eligibility criteria and the final project beneficiaries will beeligible SMEs operating in the manufacturing and agro-processing industries.

The SME Finance project will have four components, namely; (i) Financial Services to SMEs (ii)Enabling Environment for SME Finance; (iii) Business Development Services to SMEs; (iv) ProjectManagement, Communication and Impact Evaluation.

Component I - Financial Services to SMEs

The objective of this component is to establish a credit facility providing access to finance for (a)working capital and leasing finance for participating financial institutions (PFIs) which in turn lend toeligible SMEs and (b) leasing finance for eligible SMEs. This liquidity support will be complementedwith mandatory technical assistance aimed at supporting PFIs in designing, piloting and rolling outfinancial products utilizing novel lending methodologies (e.g. cash flow-based lending) tosuccessfully expand their outreach to the target SMEs. The technical assistance support will befunded externally through bilateral agreements with development partners.

Component 2 - Enabling Environment for SME Finance

a) The objective of the second component is to improve the enabling environment for facilitatingSME finance in Ethiopia. This would require the following:

b) creation of a collateral registry that would support both the lending and the leasing business;c) a diagnostic of the insolvency and creditor/debtor regime to address key bottlenecks to SME

lending;

Component 3 - Business Development Services to SMEs

The objective of the third component is to support SMEs through the provision of tailored BusinessDevelopment Services (BDS) to address constraints on the demand side. BDS support to SMEs canaddress (but is not limited to) the lack of capacity to develop bankable business plans, the poorquality of financial statements and records, the inability to manage risk, tbiiv t *owledge ofbusiness development and management, the lack of adequate collateral, et . /4: P

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8

Component 4 - Project Management, Communication and Impact EvaluationThe objective of the fourth component is to support overall coordination of project activities, and torigorously measure the impact of the project on the growth of participating SMEs. The two mainimplementers of the project will be the Development Bank of Ethiopia (DBE) and the Ministry ofIndustry (Mol).

These financial statements only relate to the activity of !omonent 1. Activities fromComponent 2 to Component 4 are handled by the Federal Small and Medium ManufacturingIndustry Development Agency

2. ACCOUNTING POLICIES

The Development Bank of Ethiopia follows the generally accepted accounting principles on cashbasis of accounting system with double entry recording taking into account the decentralizedaccounting structure of the project. In preparation and presentation of the financial statement, theproject uses principal policies such as

a) Income and expenditure recognition

The income is recognized on the basis of actual cash receipt from the World Bank and the EuropeanInvestment Bank. Expenditure are recorded on lease financing operation started and money istransferred to other financial institutions

c) Foreign currency transactions.

Transaction in foreign currencies are translated using the exchange rate prevailing on the date of thetransaction.Transactions are recorded in local currency, Birr. Expenditures in local currency are converted toUSD/EURO, when the reports in USD are needed, at the exchange rate on the latest date of fundsreceived from financer.

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9DEVELOPMENT BANK OF ETHIOPIA,SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019

Currency : Ethiopian Birr3. CASH AT BANK

Designated Accounts 2018-NBE SME Designated IDA 23,961,099.49 29.2000 699,664,105 812,212,447NBE SME Designated EIB 12,036,777.05 33.2034 399,661,321 1 255,103,168NBE SME Pooled Birr Account IDA 126,576,899 110,766,084NBE SME Pooled Birr Account EIB 2,430,756' 47,725,398

1,228,333,081 , 1,225,807,097USD Rate

NBE SME Designated IDA 23,961,099.49 29.2000 699,664,105.11

EuroNBE SME Designated EIB 12,036,777.05 33.2034 399,661,321.26

4. FUND BALANCE

Balance as at 1st July 2018 1,260,368,500A -Prior year reporting difference (5,200,000)Excess of Sources Over Uses (26,835,418) 1,260,368,500Balance as at 30st June 2019 1,228,333,081 1,260,368,500

5. SOURCE OF FUNDS

Amount ReceivedSOURCES USD Rate (ETB)

5.1 IDA Credit23-Apr-19 10,773,246.48 28.60 308,135,318.5015-Feb-1 9 5,667,756.28 28.28 160,256,375.5912-Feb-19 4,011,278.94 28.25 113,337,884.1921-Dec-18 6,966,768.15 27.99 195,030,494.3020-Aug-18 9,848,652.73 27.44 270,278,546.60

37,267,702.58 1,047,038,619.18 1,322,830,984.00

Amount Received5.2 EIB Credit UDRt EB-USD Rate (ETB)

6-Nov-1 9 10,000,000.00 32.58 325,807,000.0010,000,000. 325,807,000.00 _3,668,000.00

6C74

6. FOREIGN EXCHANGE GAIN 71,410,520.10 _44,921,062.00

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DEVELOPMENT BANK OF ETHIOPIA,SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019

Currency : Ethiopian Birr

Expenditure

Window 1: Lease Finance to SMEs (Per Development Bank of Ethiopia Districts)USD ETB

Addis Ababa 9,638,742 27.93 269,250,606Adama 7,104,751 28.43 202,002,857Bahir Dar 2,480,652 32.08 79,582,181Dessie 3,272,496 28.35 92,779,418Mekele 1,989,492 21.99 43,740,052Hawasa 3,712,958 30.27 112,380,433Dire Dawa 1,022,045 29.02 29,660,911Butajira 1,130,166 28.54 32,251,562Wolayita Sodo 1,638,106 28.68 46,985,847Gonder 550,157 28.57 15,715,872Jimma 47,827 28.42 1,359,257Gambella 150,834 29.03 4,378,338Nekemt 66,154 28.86 1,909,479

32,804,380 931,996,816

Bank Charge 142 3,938

Window 2: Working Capital Finance to SMEs (Through the following institutions)IDA USD ETBAmhara Credit and Saving Association(ACSI) 781,901 28.44 22,240,906Addis Credit & Saving 723,716 28.12 20,347,646Visionfund Microfinance Insitution 108,910 28.34 3,086,060Wassa Microfiannce 550,864 28.40 15,645,395Enat Bank 2,064,136 27.79 57,360,420United Bank 3,300,094 28.45 93,895,707Birhan International Bank 2,494,276 28.15 70,202,652

10,023,897 282,778,786

IDATotal 1,214,779,540

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DEVELOPMENT BANK OF ETHIOPIA,SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (P148447, IDA 57930)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019

Currency : Ethiopian BirrWindow 1: Lease Finance to SMEs (Per Development Bank of Ethiopia Districts)

EIB EURO ETBAddisAbaba 1,938,543 32.45 62,908,805Adama 105,966 32.12 3,403,827Bahir Dar 1,657,271 3231 53,549,954Dessie 365,975 32.07 11,736,491Mekele 256,314 32.56 8,345,303Hawasa 187,235 32.27 6,041,730Dire Dawa 749,219 32.28 24,186,497Butajira 605,943 32.06 19,428,229Wolayita Sodo 89,669 32.63 2,925,982Gonder 7,085 32.52 230,435

5,963,222 192,757,253

Bank Charge 42 1,321

Window 2: Working Capital Finance to SMEs (Through the following institutions)

EURO ETBAmhara Credit and Saving Association(ACSI) 474,929 32.90 15,626,283Addis Credit & Saving 134,879 32.99 4,449,956Visionfun I 58,935 32.99 1,944,383Wassa Microfiannce 41,031 32.90 1,349,820Enat Bank 315,004 32.99 10,392,634United Bank 460,119 32.99 15,180,292Birhan International Bank 442,836 32.99 14,610,076

1,927,732 63,553,444

EIB Total 256,312,018

Total Expenditure 1,471,091,558

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