26 taxi associations in Ethiopia have agreed with 4 automotive companies to purchase new vehicles at the cost of around 150,000 USD.

Out of the 4 automotive companies that will supply the vehicles, 3 of them are local companies. They are Yangfan Motors Plc, which is subsidiary of Chinese Lifan Motors Company, MOENCO and Scandisd Trading.

According to Fortune Scandisd is an exclusive agent for Avatovaz cars in Ethiopia and also the manufacturer of Lada Largus worldwide. MOENCO on the other hand is the exclusive supplier of Toyota cars to the Ethiopian market.

Upon the completion of the transactions Lifan will provide 821 vehicles to 20 association while MOENCO will supply 149 Toyota Avanza cars to 2 associations. Scandis on the other hand will supply 43 Lada Largus cars to 1 association.

Yangfan and Scandsid have also facilitated loan provision to the associations from Birhan International Bank. MOENCO has also got separate loan from Lion Bank.

Source: Fortune