WB Loans $100m for Women Entrepreneurs

December 26 , 2020


WB Loans $100m for Women Entrepreneurs

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.


Radar

Ministry Revokes Hundreds of Mining Concessions

The Ministry of Mines has revoked the licenses of 972 for alleged non-compliance with the terms of their exploration and production permits, and involvement in illicit trade.  Among those on the receiving end of the measure is Kefi Gold, a firm that has been conducting gold exploration in the Western Wellega Zone of the Oromia Regional State for over a decade. The 2,000hct exploration area is estimated to hold deposits of close to 50,000Kg of gold. Last week, the National Bank of Ethiopia ap...


Radar

World Bank, Fed Agree on $715m in Funds to Fight Food Insecurity

The World Bank Group and the Ministry of Finance have signed an agreement for 715 million dollars to go towards fighting food insecurity. Most of the financing (600 million dollars) is earmarked for the implementation of a Food Systems Resilience Programme. A third of the amount is in the form of grants, while the balance is credit. An additional 115 million dollars is pledged for improving access to financial services and bolstering economic activity in pastoralist areas. The areas target...


Radar

DISRUPTION HOPEFULS

Youths checkout a booth at the AddisRupt Expo 2022, which was hosted at Safari Hotel on June 25, 2022. The expo focused on technological and entrepreneurial work, showcasing over 20 startups to visitors. The promoters of the expo aimed at connecting startups with investors and was organized by firms such as LinkUp Addis, Profit Marketing and Afromile Trading...