AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112ET AND TRUST FUND NO.16392 AS AT AND FOR THE YEAR ENDED 30 JUNE 2016 TAY & Co. Chartered Certified Accountants & Authorized Auditors Addis Ababa, Ethiopia Tel. 251-11-442-1336 Fax 251-11-442-1338 E-mail: tayco@ethionet.et P.O.Box 1335 Addis Ababa, Ethiopia Ethio-china Friendship Street Wongelawit Tadesse Building 1s" Floor Website: www.tayauditjng.com TAY st Co. inV~CU ertre4 6ertifie4 Acn4ntmt5 t Ar4tfvvrize Au ite'r5 INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS OF DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112 & TRUST FUND NO. 16392 ET Report on the financial Statements We have audited the accompanying financial statements of Development Bank of Ethiopia Women Entrepreneurship Development Project Grant Number IDA Credit No.5112 and Trust Fund No.16392 ET, which comprise the statement of financial position as at 30 June 2016, the statement of sources, the statement of income and expenditures and uses of fund, and a summary of significant accounting policies and other explanatory notes for the year then ended. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Generally Accepted Accounting Principle. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policy; and making accounting estimates that are reasonable in the circumstances. Auditor's 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. Opinion In our opinion, the financial statements present f & rial respects, the financial position of Development Bank of Ethiopia Women Ent ment Project Grant Number IDA Credit No.5112 and Trust Fund No.1639 at 30 Jun , its financial performance and operating result for the year then ended in a dncd ener l cepted Accounting Principle. Ethio-China Friendship St et, ngelawit Taaess B g 1st Floor Tel. (011) 442 1336, 442 0062, (011) 470 7092,( 1 7 094 - Mo 093) 001 4106, (091) 151 5038/39 Fax (011) 442 1338 - e-mail: tayco@ethionet.et - . i - .0. Box 1335 - Addis Ababa, Ethiopia In addition, with respect to the statement of income and expenditure ended 30 June 2016, in our opinion:-. a. The statements, together with the procedures and initial control involved in their preparation, can be relied up on to support the relevant withdrawals, b. Adequate supporting documentation has been maintained to support claims to IDA and TF for reimbursements of expenditures incurred; and c. Expendit r financing under IDA Credit No.5112 and Trust Fund t No.16392 TAY & Co. o Chartered Ce fled ccountant & Addis Ababa, Authorized Au o December 28, 2016 2 DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112 AND TRUST FUND NO.16392 BALANCE SHEET AT 30 JUNE 2016 CURRENCY: ETHIOPIAN BIRR Notes 2016 2015 ASSETS Current assets Receivables 4 913,596,904.93 779,299,260.65 Cash at bank 22,005,933.62 110,682,705.95 Total assets 935,602,838.55 889,981,966.60 LIABILITIES Current liabilities Creditors 5 877,888,431.63 857,748,328.72 Net current asset 57,714,406.92 32,233,637.88 Represented by Fund Balance 3d,6 57,714,406.92 32,233,637.88 3 ~ ~ Ababa S DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112 AND TRUST FUND NO.16392 INCOME AND EXPENDITURE FOR THE YEAR ENDED 30 JUNE 2016 CURRENCY: ETHIOPIAN BIRR Notes 2016 2015 INCOME 3c Interest incorne 37,155,692.17 31,045,229.16 Gain on exchange rate 1,134,140.38 3,514,951.38 EXPNDIURE3c38,289,832.55 34,560,180.54 EXPENDITURE 3 Financial charge 12,809,063.51 9,265,162.20 EXCESS OF INCOME OVER EXPENDITURE 25,480,769.04 25,295,018.34 1,3414 .3 3,54,9 1.3 3828,8255 3450,805 3c0 1289035 925122 - EXESSOF ICOM OVE EXENDIURE25,40,79.0425,95,08.3 DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112 and Trust Fund - NO 16392 ET NOTES TO THE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2016 CURRENCY: ETHIOPIAN BIRR 1. Background of the project Financing agreement was signed on 12 June 2012 between the Federal Democratic Republic of Ethiopia and the International Development Association (IDA) and amended on August 18,2014 according to which a special drawing right (SDR) 32,200,000 (Thirty-two million two hundred thousand) is available in the form of credit to implement the activities of the Women Entrepreneurship Development project, under credit agreement No 5112-ET and Trust Fund NO. 16392.The project is implemented through Ministry of Urban Development and Construction (MoUD&C) National Project Management Team (NPMT) which is established with in the Federal Micro and Small Enterprise Development Agency (FeMSEDA) under the MoUD&C,MoUD&C ,FeMSEDA ,NPMT, Development Bank of Ethiopia (DBE) and other sub national administration selected for the execution of the project and implementing project activities. The objective of the project is to increase the earning and employment of Micro and small enterprises (MSEs)fully or partially owned by female entrepreneurs in the targeted cities. 2. Scope of the audit The audit of the project iscarried out in accordance with International Standard on Auditing (ISA) promulgated by the International Federation of Accountants (IFAC) including such test and procedures as deemed necessary under circumstances. We also Visited, on the sample basis,the selected micro finance institutions (MFIs) participated in the project and ensure the following adhered to. We have given a Special attention that : 1) The WorldBank financinghas been used in accordance with conditions ofrelevant Financing agreements with due attention to economy and efficiencyand only for the purpose for which the financing was provided. 2) The Counterpart fund have been provided and used in accordance with relevant financing agreements, with due attention to economy and efficiencyand only for the purpose for which they were provided. 3) Goods, works and services financed have been procured in accordance with the relevant financing agreements including specific provisions of World Bank procurement policies and procedures. 4) All necessary supporting documents, records an aintained in respect of the projects activity including expenditures re i g sta en expenditure (SOE) 5 Po method of reporting. 5) Designated accounts have been maintained in accordance with the provision of relevant financing agreements and funds disbursed out of the accounts were used only for the purpose intended in the financing Agreements. 6) National laws and regulations have been compiled with, and that the financial and accounting procedures approved for the project were adhered. 7) Financial performance of the project is satisfactory. 8) Assets procured from the projects funds exist and there is verifiable ownership by the implementing agencies or beneficiaries in line with the financing agreement. 9) Ineligible expenditures included in withdrawal applications are identified and reimbursed to the designated accounts. 3. Accounting policies The principal accounting policies adopted by the project are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. a. Basis of presentation These financial statements have been prepared in compliance with Generally Accepted Accounting - Principle b. Currency Foreign currency is converted to Birr at the exchange rate ruling at the date of the transaction. Cash balances maintained in the foreign currency is converted to Birr at the mid exchange rate ruling at the balance sheet date. c. Basis of accounting Modified cash basis of accounting is used in the recognition of sources and uses of fund. d. Fund balance It incorporates gain on exchange rate and net interest income before profit and tax of Development bank of Ethiopia obtained from disbursement of loan to micro finance institutions. DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112 AND TRUST FUND NO.16392 NOTES TO THE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2016 4. RECEIVABLE 2016 2015 Loan to micro finance institution 515,891,068.81 593,571,834.45 Receivable from DBE principal 341,291,608.53 154,252,917.55 Receivable from DBE Interest 45,848,702.35 23,980,064.90 Interest receivable from micro finance institution 10,565,525.24 7,494,443.75 913,596,904.93 779,299,260.65 5. CREDITORS Loan from IDA 872,507,230.01 852,960,217.39 Interest payable to MoFED 5,381,201.62 4,788,111.33 877,888,431.63 857,748,328.72 6. FUND BALANCE Opening balance 32,233,637.88 6,938,619.55 Current year transfer 25,480,769.04 25,295,018.33 57,714,406.92 32,233,637.88 DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112 AND TRUST FUND NO.16392 STATEMENT OF SOURCE AND USE FOR THE PROJECT FOR THE YEAR ENDED 30 JUNE 2016 CURRENCY: ETHIOPIAN BIRR ANNEX 1 Note 2016 2015 Source Source of fund IDA Annex 2.1 872,507,230.02 852,960,217.39 Gain on exchange rate 6,681,380.94 5,547,240.56 879,188,610.96 858,507,457.95 Uses Uses of fund by MFI's Annex 3.1 845,732,694.34 676,271,663.00 Excess of source over uses 33,455,916.62 182,235,794.95 Represented by Cash at bank 22,005,933.62 110,682,705.95 Outstanding balance on MFI's Annex 3.4 11,449,983.00 71,553,089.00 33,455,916.62 182,235,794.95 8 w 7- I DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112 AND TRUST FUND NO.16392 STATEMENT OF SOURCE AND USE FOR THE PROJECT FOR THE YEAR ENDED 30 JUNE 2016 Annex 2 2.1 Source of fund (IDA) CURRENCY: ETHIOPIAN BIRR Withdrawal Description Date application/ USD Rate reference Balance as of 01 July 2015 852,960,217.40 9th disbursement 6/6/2016 FDBE-003 900,721.73 21.70 19,547,012.62 872,507,230.02 2.2 Loan given to MFI's by DBE Date Reference balance as of 01 July 2015 747,824,752.00 MEKLIT Micro finance Institution 10/8/2015 RFD NO 0217 2,285,935.00 METEMAMEN Micro Finance S.C. 10/8/2015 RFD NO 0218 6,000,000.00 AGAR Micro Finance S.C. 10/8/2015 RED NO 0219 11,700,000.00 Dedebit Credit & Saving Institute 6/10/2015 RFD NO 0221 17,577,283.00 Vision Fund Microfinance Institution S.C. 30/10/15 RED NO 0222 15,971,519.00 AGAR Micro Finance S.C. 20/11/15 RED NO 0223 16,266,585.00 MEKLIT Micro finance Institution 20/11/15 RED NO 0224 2,285,935.00 Specialized Financial & Prom. Inst 20/11/15 RED NO 0225 9,625,759.00 HARBU Micro Finance institution 19/11/15 RED NO 0226 4,272,860.00 Amnhara Credit & Saving Institution S.C 8/1/2016 RFD NO 0228 23,372,049.34 109,357,925.34 857,182,677.34 3// cRN O257 1. 201/5RDN922 626550 DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112 AND TRUST FUND NO.16392 STATEMENT OF SOURCE AND USE FOR THE PROJECT FOR THE YEAR ENDED 30 JUNE 2016 Annex 3 3.1 MFI's Disbursement to Final Beneficiaries up to June 30 2015 Date Amount in Birr Balance as of 01 July 2015 676,271,663.00 Loan provided to MSEs by WASASA 30/6/2016 8,439,000.00 Loan provided to MSEs by SF&PI 30/6/2016 9,625,759.00 Loan provided to MSEs by ACSI 30/6/2016 23,372,049.34 Loan provided to MSEs by OCSSCO 30/6/2016 19,753,835.00 Loan provided to MSEs by Ilarbu 30/6/2016 4,272,860.00 Loan provided to MSEs by OMO 30/6/2016 4,067,254.00 Loan provided to MSEs by DECSI 30/6/2016 45,420,300.00 Loan provided to MSEs by AGAR 30/6/2016 27,966,585.00 Loan provided to MSEs by METEMAMEN 30/6/2016 6,000,000.00 Loan provided to MSEs by MEKLIT 30/6/2016 4,571,870.00 Loan provided to MSEs by VISION 30/6/2016 15,971,519.00 1 1,4I, 1.-34 845,732,694.34 3.2 Outstanding advance on MITI's Remaining balance from Additional loan N117's disbursement Remaining balance MFI as of July 2iven to MFl to final beneficiary as of June 30,2016 WASASA Micro Finance Inst. 8,439,000.00 8,439,000.00 Specialized Financial & Prom. Inst -9,625,759.00 9,625,759.00 Amhara Cr. & Saving Inst -23,372,049.34 23,372,049.34 Oromia credit & Saving S.C 19,753,835.00 3 19,753,835.00 HARBU Micro Finance Inst. 34,272,860.00 4,272,860.00 OMO Micro Finance Inst. 4,067,254.00 4,067,254.00 DEDEBIT Cr. & Saving Inst. S.C 39,293,000.00 17,577,283.00 45,420,300.00 11,449,983.00 AGAR Micro Finance Inst. 327,966,585.00 27,966,585.00 2 METEMAMEN Micro Finance Inst. 6,000,000.00 6,000,000.00 6 MEKLIT Micro Finance Inst. 4,571,870.00 4,571,870.00 00 VISION Fund t 15,971,519.00 15,971,519.00 - 71,553,089.00 109,357,925.34 169,461,031.34 11,449,983.00 10a C.&ailn Ororia redi & avin S. HARB Mico FianceInst DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECTS GRANT NUMBER IDA CREDIT NO 5112 &TRUST FUND NO 16392 SAMPLE SELECTED TO VISIT IMPLEMENTING MICRO FINANCE INSTITUTION Basis of selection We have selected these micro finance institution based on the amount of disbursement during the year under this audit. Accordingly these micro finance institutions made a higher disbarment during the year while compared to others. Number of Number of Name of micro loan file Beneficiary contacted Reglions finance Branch visited reviewed & Visited 1 Addis Ababa Agar micro finance 2 Kolfe Branch 8 4 Megengn Branch 10 6 Oromia Credit 2 Oromia &Saving institution 3 Adana Main Branch 8 4 Adama ODA Branch 8 4 Holeta Branch 8 4 3 Tigray Dedebit 2 Mekele Branch 2 6 SFARFIP/393/2016 December 30, 2016 tkef No. Date Mr. Francesco Strobbe Task Team Leader for WEDP African Region World Bank Subject: Audit Report of the External Auditors from 1st July, 2016 to June 30, 2016 We kindly inform you that the External Auditors completed the Financial Reports of the Women Entrepreneurship Development Project (WEDP) credit line No. 5112ET, TF No, 16392 and the Entry Financial Report as of 30 June 2016 and submitted to our Bank. Accordingly, we have attached the External Auditors Financial Statements and Management letters of the credit e entity for the June ended 30t 2016. With regards, Behailu assaye (Dr.) Director Encl. * Audited Financial Statement Credit Line 5126 * Audited Financial Statement of Entity * Management Letter Credit Line 5126 * Management Letter of Entry Audit Report * Internal Audit Report C.C: * V/P Credit Management Development Bank of Ethiopia 11M.4: 'TI 7 p .4,:+ "A' Mhh } +251-11-551 16 06 JOSEF BROZ TITO St. P.O.Box 1900 Tel. 011-551 11 88/89 Fax Addis Ababa / Head Office DBE Telegram AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112 ET AS AT AND FOR THE YEAR ENDED 30 JUNE 2016 TAY & Co. Chartered Certified Accountants & Authorized Auditors Addis Ababa, Ethiopia Tel. 251-11-442-1336 Fax 251-11-442-1338 E-mail: tayco@ethionet.et P.O.Box 1335 Addis Ababa, Ethiopia Ethio-china Friendship Street Wongelawit Tadesse Building Ist Floor Website: www.tavauditine.com TAY & Co. ~~ (ACfvrtre,{ 'eartifie4 Amntxnjt5 AitA,prizec Aoi qitc'r5 INDEPENDENT AUDITOR'S REPORT TO THE MANAGEMENT OF DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112 ET We have audited the accompanying special accounts of Development Bank of Ethiopia Women Entrepreneurship Development Project Grant Number IDA Credit No.5112 ET, for the year ended 30 June 2016, Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Generally Accepted Accounting Principle , This responsibility includes : designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policy; and making accounting estimates that are reasonable in the circumstances. Auditor's 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 obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the special accounts give a true and fair view of the financial position of Development Bank of Ethiopia - . reneurship Development Project Grant Number IDA Credit No.5112 ET ,as at 30 June t ent for the year then ended in accordance with Generally Accepted Accoun r' ciple Charterd "Certified Accou s Addis Ababa, Authoriz udalors- December 28, 2016 'zf o-China Friendship Street, Wengelawit Tadesse Building 1st Floor Tel. (011) 442 1336, 442 0062, (011) 470 7092, (011) 470 7094 - Mob. (093) 001 4106, (091) 151 5038/39 Fax (011) 442 1338 - e-mail: tayco@ethionet.et - www.tayauditing.com - P.O. Box 1335 - Addis Ababa, Ethiopia DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER IDA CREDIT NO.5112 ET STATEMENT OF DESIGNATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2016 Account number: 02615/1550/0000010038100002 Depository bank National Bank of Ethiopia Address : Addis Ababa, Ethiopia Related Grant: IDA Credit 5112-ET Currency USD 2016 2015 Beginning balance 5,010,278.93 1,619,518.21 Add: Transfer from IDA 21,364,021.49 Amount settled with SOE's - 5,010,278.93 22,983,539.70 Less: Loan given to Micro Finances during the year 5,010,278.93 17,973,260.77 Ending Balance of IDA 5,010,278.93 ZCertified 2/ AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER TRUST FUND NO.16392 ET AS AT AND FOR THE YEAR ENDED 30 JUNE 2016 TAY & Co. Chartered Certified Accountants & Authorized Auditors Addis Ababa, Ethiopia Tel. 251-11-442-1336 Fax 251-11-442-1338 E-mail: taycon,,ethionct.et P.O.Box 1335 Addis Ababa, Ethiopia Ethio-china Friendship Street Wongelawit Tadesse Building 1s Floor Website: www.itaauditing.corn &A~r~r~ TAY & co. 61vxter, Ortiie4Amm tpt 4 Ai4tk1crrize4 A-74 itcrr INDEPENDENT AUDITOR'S REPORT TO THE MANAGEMENT OF DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER TRUST FUND NO.16392 ET We have audited the accompanying special accounts of Development Bank of Ethiopia Women Entrepreneurship Development Project Grant Number Trust funds No.16392 ET, for the year ended 30 June 2016, Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Generally Accepted Accounting Principle. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policy; and making accounting estimates that are reasonable in the circumstances. Auditor's 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 obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the special accounts give a true and fair view of the financial position of Development Bank of Ethiopia - Women Entrepreneurship Development Project Grant Number Trust fund No.16392 ET, as at 016 and the movement for the year then ended in accordance with Generally Acce 4 iiting ciple. Co W t e ed9fl c ount nts & Addis Ababa, A r e Auditors / December 28, 2016 hio-China Friendship Street, Wengelawit Tadesse Building 1st Floor Tel. (011) 442 6, 442 0062, (011) 470 7092,(011) 470 7094 - Mob. (093) 001 4106, (091) 151 5038/39 Fax (011) 442 1338 - e-mail: tayco@ethionet.et - www.tayauditing.com - P.O. Box 1335 - Addis Ababa, Ethiopia DEVELOPMENT BANK OF ETHIOPIA WOMEN ENTREPRENEURSHIP DEVELOPMENT PROJECT GRANT NUMBER TRUST FUND NO. 16392 STATEMENT OF DESIGNATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2016 Account number: 10038100003 Depository bank ational Bank of Ethiopia Address: Addis Ababa, Ethiopia Related Grant: Trust Fund No 16392 Currency USD 2016 2015 Beginning balance 318,293.37 Add: Transfer from trust fund 900,721.73 1,000,000.00 Less: Loan given to Micro Finances during the year 219,581.28 681,706.63 Ending Balance of Trust Fund 999,433.82 318,293.37 dze 2