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.
Loading your updates...