IFAD, EU Pledge 26.5m euros to Rural Project

May 29 , 2021


[ssba-buttons]

The International Fund for Agricultural Development (IFAD) and the European Union (EU) have committed to 26.5 million euros in funding to micro, small and medium enterprises (MSMEs) and cooperatives in rural areas with the aim of protecting jobs and safeguarding livelihoods in light of the COVID-19 pandemic. The financing will be provided through the Development Bank of Ethiopia (DBE), which will receive grants of 13.8 million euros and 12.7 million euros from IFAD and the EU, respectively, to bolster its capacity to support rural financial institutions (RFIs). The financing will enable these institutions to help their MSME clients retain employees, reduce credit interest costs, and offer liquidity to facilitate the deferment of loan instalments due to the DBE.


Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...