Ethio Lease Charters Harvesters Worth $16m

Nov 21 , 2020


[ssba-buttons]

Ethio Lease, the first private and foreign-owned equipment leasing company in the country, has presented 85 combine harvesters to different beneficiaries including the Ethiopian Agricultural Business Corporation. With a total investment of more than 16 million dollars, Ethio Lease purveyed the equipment during an event held in Bishoftu. It will benefit the equivalent of 180,000 smallholder farmers, reduce harvest losses to the tune of 66 million dollars annually, and create or sustain 850 direct and 34,000 indirect jobs, according to the company's vice president of marketing & sales, Degol Gossaye. The company had first leased 60 tractors to farmers in different parts of the country when it started its operations in August 2019. To date, it has signed lease agreements with more than 100 customers for over 200 units of various machinery. It is a subsidiary company of Africa Asset Finance Company Inc. (AAFC), which was launched in 2017 to address equipment leasing and asset-backed lending demands on the continent.


Radar

New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...


Radar

City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...


Radar

Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...