Businesspeople and investors in Tigray are voicing their concerns regarding banks that are insisting on the payment of interest, covering the period of the war as well. Despite the banks being closed for an extended time during the war, they are now pressing borrowers to repay their loans that were taken out within the region.

The businessmen and investors in Tigray, facing challenges due to the stagnant business activity caused by political and economic issues, are continuing to protest against being forced to pay interest on loans taken out from banks before the war broke out. According to those who received loans from Tigray banks when the genocidal war in Tigray was started. At that time all financial institutions were closed, money could not be accessed, on the top of that the institutions were destroyed and robbed by the government forces and its allies. with this regard the demand to ask the bank rate of this tumultuous time is viewed as irresponsible and exacerbating economic hardships.

In response to these grievances, a group of businessmen gathered in Mekele recently to discuss their concerns in a structured manner. Speaking at the forum organized by the Tigray Chamber of Commerce and Sector Associations, investor Mr. Zeru Gebrelibanos asserted that the banks should pay compensation for their unlawfully seizing public assets. instead of demanding loan repayments.

Zeru questioned the actions of the banks, highlighting that people had trusted these institutions by depositing their money, whereas their funds frozen by the government, leading the people to face numerous challenges. He emphasized that forcing loan interest payments amidst such circumstances is unjust.

The trade and sector associations in Tigray have been appealing to both the regional and federal governments on behalf of the struggling businessmen and investors. They are seeking a suitable resolution for the extensive damages and losses incurred. Dibekulu Alem Birhane, leader of the merchants’ association, emphasized the financial hardship faced by merchants due to the banks’ procedure and urged for a fair approach.

Legal scholar, Awot Ljalem, pointed out the need for government intervention beyond the existing contractual obligations between lenders and borrowers. The distressed investors in Tigray have pledged to continue exerting pressure through various means until their demands are met with a fair response