Lion International Bank Signs Development Agreement to Revitalize Adigrat City
Adigrat, Tigray — Lion International Bank Share Company (LIB) has signed a memorandum of understanding (MoU) with the Adigrat City Administration to support the city’s post-war reconstruction and urban development, marking one of the first major financial-sector engagements in Tigray since the end of the conflict.
Under the new agreement, the bank will finance and oversee the construction of more than 800 meters of cobblestone roads, drainage systems, and related public infrastructure. The project aims to restore key urban services, improve access, and support the gradual revival of Adigrat’s local economy.
Mr Mulualem Kebede, Deputy President of Lion International Bank’s Ge’ez Regional District, said the initiative reflects the bank’s commitment to contributing to Adigrat’s recovery. “This is not only about rebuilding infrastructure it is about restoring hope and reconnecting the community to opportunity,” he said, adding that the work is expected to be completed within three weeks.
The partnership represents the first practical development project by Lion International Bank in Adigrat in over 18 years, signaling a new phase of cooperation between the private financial sector and local administrations in northern Ethiopia.
Adigrat Mayor Mr Redae Gebreziher welcomed the agreement, describing it as “a meaningful step toward the city’s renewal.” He commended the bank’s decision to reinvest in the region and pledged full administrative support to ensure the project’s success.
Local business associations, including the Adigrat Chamber of Commerce, and representatives of civic organizations attended the signing ceremony, expressing appreciation for the bank’s initiative. The collaboration, they said, will help stimulate trade and encourage other private institutions to take part in the reconstruction of Tigray’s urban centers.
Regional officials emphasized that the initiative reflects growing confidence in Tigray’s economic recovery, with local and national partners now engaging in rebuilding efforts after years of isolation and destruction caused by the war.
Tigray remains one of Ethiopia’s most war-damaged regions, with major cities and infrastructure still in need of rehabilitation. Analysts and local leaders alike have called for greater involvement from Ethiopia’s financial sector to accelerate reconstruction, create jobs, and restore essential services across the region.
Lion International Bank has also established itself as a pioneer in community support, humanitarian aid, job creation, and the promotion of cultural initiatives. The bank has emphasized the importance of corporate social responsibility and continues to leverage its resources to foster sustainable development and strengthen local communities in Tigray and beyond.
