WB Loans $100m for Women Entrepreneurs

Dec 26 , 2020

The World Bank has provided a 100-million-dollar loan to Ethiopia to finance the Women's Entrepreneurship Development Project (WEDP). The funds will be used to provide credit and training support to micro and small enterprises (MSEs) solely or partly owned by female entrepreneurs. The loan agreement was signed by Yasmin Wohabrebbi, state minister for Finance, and Ousmane Dione, World Bank country director for Ethiopia, Sudan, South Sudan and Eritrea. The funding will support women-owned businesses, disproportionately affected due to limited access to credit, according to Yasmin. She added that the project would address liquidity constraints faced by enterprises that are otherwise viable. The additional financing for the project is expected to bolster previous gains made. In the past, it has enabled access to loans for first-time borrowers through introducing data-driven credit scoring technologies and reduced collateral requirements.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...