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Southern Nations’, Nationalities’, and Peoples’ Region (SNNPR) licensed 96 investors who collectively had Birr 9.3 billion capital during the first half of the current fiscal year. The investors are currently engaged in agriculture, service, and industry sectors.

The Regional State was also able to create job opportunities for 200 thousand citizens. It is expected that the newly licensed 96 companies will employ 46 thousand citizens when they become fully operational.

Source: Ethiopian News Agency

Private Organizations Social Security Agency (POSSA) disclosed it made a 26.9 million Birr profit during the past six months of Ethiopia’s fiscal year. The Agency’s plan was to earn 24.4 million Birr which means its performance it has met its target by 110 percent.

Somali Micro Finance, which is known for its mobile finance service called Hello Cash, transforms into a bank named Shabelle. The bank is formed with a capital of more than Birr 500 million.

Somali Micro Finance was established in 2011. It is the third micro finance institution in Ethiopia to evolve into a bank following Oromia Credit and Saving Institution and Amhara Credit and Saving Institution. Shabelle Bank conducts all its operations under the principles of Islamic Banking.

Source: Fana BC

Additional source: Shebelle Bank

The Somali Regional State’s Pastoral Development Bureau announced a major increase in camel milk production, rising from 1.4 billion to 2.2 billion liters annually. The boost comes as a result of the region’s efforts to modernize camel farming and improve animal productivity.

One of Ethiopia’s nine states, Somalia State, got its second micro finance institution (MFI) which is dubbed Rays MFI. The institution is going extend loan with an interest rate ranging from 10 percent to 20 percent.