Ethiopian Enterprise Development (EED) announced that it had established 419 new manufacturing enterprises during the first quarter of the 2022/2023 fiscal year. The institution also implemented initiatives to boost the already existing 1,378 enterprises and targets the establishment of 4062 new enterprises by the end of the fiscal year.

EED is evaluating its first quarter report for the current Ethiopian year in Adama. At the opening of the event, EED’s Deputy Director, Abdulfetah Yesuf, stated that enterprises should grab the opportunity which is currently created due to the ban on the utilization of hard currency for the import of 39 items and produce quality products. The Deputy Director also revealed that EED was able to provide a Birr 258 million lease finance service for manufacturing enterprises.

In August this year, 2Merkato reported that EED had plans to facilitate the distribution of operating loans totaling Birr 1.66 billion to 1,591 manufacturing enterprises through banks and microfinance institutions. Follow this link to read more.

Source: Ethiopian Press Agency and EED