ATA Sub-grants Mechanisation Centres

Mar 7 , 2020


Eight cooperative unions and two entrepreneurs secured 91 million Br worth of sub-grants from the Ethiopian Agricultural Transformation Agency (ATA) for the construction of ten standardised Mechanization Service Centres across Ethiopia. Seventy percent of the cost for the construction of the Centres will be covered by the ATA, while the remainder will be the responsibility of the unions and entrepreneurs. The Centres are a three-year pilot project implemented in collaboration with the Ministry of Agriculture. The design of the Service Centres was completed by the ATA and handed over to the owners during a signing ceremony held on March 6, 2020. Three of them will be built in Amhara, while four, two and one Centre will be built in Oromia, SNNP and Tigray regional states, respectively. The Centres will provide farmers paid access to agricultural mechanisation services across the whole value chain including with land preparation, crop protection, harvesting, threshing and transportation. Moreover, the centres will also be used to train workers to maintain agricultural machines and sell spare parts.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay VAT a...


Radar

World Bank Greases Financial Overhaul

The World Bank approved 700 million dollars in credit from the International Development Association (IDA) to scale up support for the financial sector. The funds are targeted at modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), supporting governance reforms, balance sheet restructuring, and recapitalization of the Commercial Bank of Ethiopia (CBE), and transforming the Development Bank of Ethiopia (DBE) into a sustainable development finance institutio...


Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde Bulto,...