Regional State Provides Unemployed Youth with Tractors

As part of an effort to create job opportunities, the Oromia Regional State has provided organised groups of youth with 350 tractors worth 285 million Br in a loan arrangement.

Kegna Agricultural Equipment Manufacturing & General Trading, part of the economic wing of the Oromia Regional State, assembled the tractors, while Oromia Savings & Credit Institution will finance the tractors through a credit arrangement.

Oromia Industry & Enterprises Development Council, which aims at creating 1.1 million jobs in the regional state this year, will oversee the project. It also coordinated and organised the youth and work through Oromia Savings & Credit Institution to facilitate the credit.

The tractors will be entirely handed over to 1,750 youth in the coming four months. The first 100 tractors were delivered to 500 youth two weeks ago with a ceremony that was held in Shashemane town with the presence of Shimeles Abdisa, deputy administrator of the Oromia Regional State.

Having 75 horsepower, the John Deere tractors have a unit price of 813,000 Br. Tractors were provided to groups with five members, who are expected to raise 10pc of the value in advance. The Oromia Savings & Credit Institution will cover the remaining cost, and the youth are expected to pay back the loan within five years along with eight percent interest.

Beneficiaries should be unemployed graduates of higher educational institutions who can produce kebelleand unemployment ID cards, according to Nemra Waqgari, team leader for financial support and audit team at the Oromia Enterprise & Industry Development Bureau.

The youth will be engaged in agricultural production.

The agricultural sector of the country comprises 35pc of GDP and the Central Statistical Agency targeted 314 million quintals of agricultural products to be produced this last season.