Ethiopian Enterprise Development (EED) reported that it would facilitate the provision of operating loan and machine lease to manufacturing enterprises in the current fiscal year by strengthening engagements with regional bureaus and financial institutions.
Accordingly, it revealed that operating loans totaling ETB 1.66 billion would be distributed to 1,591 manufacturing enterprises through banks and microfinance institutions. EED also stated that production equipment worth ETB 1.6 billion would be provided to 1,430 enterprises.
It is reported that the loan and equipment which will be provided to the enterprises will enable the enterprises to be competitive and engage in the production of import substituting goods.
During the 2021/2022 fiscal year, ETB 1.47 billion loan was distributed to 1,420 while 1,523 manufacturing enterprises collectively received equipment worth ETB 1.5 billion.
Source: Ethiopian Press Agency and EED’s Facebook page; Image source: Fana BC