Mastercard Initiative Provides 895m Br in Loans

Aug 7 , 2021

More than 8,000 formal businesses have received 895 million Br in the form of soft loans as part of the Mastercard Foundation's Micro & Small Enterprises COVID-19 Resilience Facility. Awash and Dashen banks served as disbursement institutions for the project, which aims to circumvent the effects of the COVID-19 pandemic on small businesses. It was kicked off last year in collaboration with the Jobs Creation Commission and First Consult. In addition, 2,000 informal businesses, 80pc of which are owned by women, have been provided with a total of 24 million Br in the form of grants. Over 300,000 jobs were lost due to the pandemic in 2020 alone, according to the Jobs Commission. Two years ago, Mastercard Foundation launched a 300 million dollars initiative, dubbed Young Africa Works in Ethiopia, that aims to create employment opportunities for the youth in partnership with the Commission.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...