Abyssinia, MFIs Ink 600m Br Loan Agreement

Jul 24 , 2021

The Bank of Abyssinia has agreed to provide 600 million Br in loans to four microfinance institutions (MFIs) as part of its efforts to comply with the central bank's policies. Facilitated by the Mastercard Foundation's BRIDGES Programme, Dynamic, Harbu, Metemamen and Nisir MFIs signed the agreement with the Bank during a ceremony held at the Skylight Hotel last week. In turn, the MFIs will use the funding to provide loans to smallholder farmers, micro, small and medium enterprises and other entities that face difficulties in borrowing from banks as they lack collateral. The agreement is part of a larger effort to implement a directive from the National Bank of Ethiopia (NBE) to enforce the operationalisation of a movable collateral registry. Passed last year, the directive states that all financial institutions are expected to extend loans to cooperative unions and small and micro enterprises in the agricultural sector.


Mobile Apps Streamline Container Handling

A Chinese private logistics company availed its multilingual mobile applications designed to streamline container handling processes for local businesses. Dubbed arl-shipping.com, the apps are available in Amharic, Oromo, Somali, and Tigrigna, with a competitive monthly fee. Company managements aim to tackle inefficiencies by scanning truck license plates, container IDs, and other details, reducing manual data entry and the potential for errors. Users can also record gate movements with times...


Private Investment Takes Flight in Aviation Industry

Local private operators received the green light last week to expand their services beyond charter flights, offering regular passenger and cargo options. This move by the Ethiopian Civil Aviation Authority is expected to boost the air transport sector, attracting private companies to invest in air travel services. The Authority is partnering with private investors to improve air transport infrastructure by building over 21 new airstrips and helipads in previously underserved areas. Officials...


Safaricom Ramps Up Network Expansion with Locally Made Poles

Safaricom Ethiopia has initiated a three-month procurement process to acquire a total of 68 poles from Woda Metal, the first telecom pole manufacturer in the country. The initial batch of 13 poles was delivered last week, marking a milestone as the first use of domestically produced poles in Ethiopia's telecom sector. Wim Vanhellputte, CEO of Safaricom Ethiopia, praised the high quality and affordability of Woda Metal's poles, which will be crucial for their network expansion goals. The co...