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Ethio Lease Delivers 16 Combine Harvesters to Farmers

ethio-lease-equipmentEthio Lease, the first equipment leasing company to be licensed by the National Bank of Ethiopia, has on Wednesday given sixteen combine harvesters to farmers and farming unions. 

The equipment were handed over to the farmers and farming unions in line with a collaborative memorandum of understanding (MoU) signed among Ethio Lease, the Ethiopian Ministry of Agriculture, and Agricultural Transformation Agency (ATA).

The move, according to Ethio Lease, gives smallholder farmers access to much needed agricultural machinery they would not be able to afford otherwise. 

Taking this set of delivery into account, Ethio Lease has so far provided farmers in Ethiopia 100 agricultural machinery, worth over $7 million.

In addition to this, Ethio Lease said it is finalizing the import of dozens of combine harvesters worth $10 million. They expect these, which are meant for the main harvest season, to arrive in September and October. 

A subsidiary of Africa Asset Finance Company Inc. (AAFC), Ethio Lease began its operations in August 2019. Ethio Lease buys and imports equipment and oversees its maintenance and proper use throughout the lease period. Typically, the lessee will have an option to buy the equipment from the company at the end of the lease period.

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Source: FBC

Image Source: Ethio Lease (Twitter)