Addis Microfinance Collects 2.6b Br in Savings

May 15 , 2021


[ssba-buttons]

Addis Credit & Saving Institution collected 2.6 billion Br in savings over the past nine months. The microfinance institution collected 1.4 billion Br in loan payments while providing the same amount of credit to 18,140 individuals, showing a 28pc increase compared to the same period last year. After reaching an agreement with the Addis Abeba City Urban Agriculture Development Commission, it has availed a revolving fund of 38.2 million Br to 165 cooperative agencies. Owned by six shareholders, including the City Administration, Addis is one of the top five microfinance institutions in Ethiopia, along with Amhara, Oromia, Omo, and Dedebit microfinance institutions. By the end of the last fiscal year, there were 41 microfinance institutions in Ethiopia, with an outstanding credit of 64.9 billion Br.


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...