USAID, Awash Join Hands to Fund Microfinance

Awash Bank has been a USAID partner on previous financing projects, which were accomplished without defaults.


USAID, Awash Join Hands to Fund Microfinance

The United States Agency for International Development (USAID) and Awash Bank S.C. have announced a 6.4-million-dollar partnership to provide funding to microfinance institutions and small and medium-size agribusinesses in Ethiopia. Under the USAID Development Credit Authority (DCA) agreement, the programme targets expanding commercial bank lending into underserved areas. It also aims to provide private capital to help farmers and businesses intensify production and support Ethiopia’s efforts to modernise the agricultural sector. “We can accelerate economic growth at a macro level while creating a ripple effect that benefits farmers and their families at the same time,” said Sonila Hysi, deputy mission director at the USAID. The current engagement with USAID strengthens the Bank’s ability to provide loans to Ethiopian private microfinance institutions and small and medium-size enterprises operating in the agriculture sector, said Awash Bank’s CEO, Tsehay Shiferaw. Awash Bank has been a USAID partner on previous financing projects, which were accomplished without defaults.


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...