Browsing: Banking sector in Ethiopia

Ethiopia’s Jobs Creation Commission has partnered with the MasterCard Foundation to conduct a US$11.8 million job creation initiative dubbed Enabling Ethiopia.

 The five-year project is meant to serve as one of the country’s implementing tools for Ethiopia’s Plan of Action for Job Creation (PAJC – 2020-2025). The project aims at fostering innovation, policy reform, inclusiveness and advocacy.

The ambitious project looks to create some 14 million jobs by 2025 by creating an entrepreneurial ecosystem, cultivating the necessary human capital, adopting pro-job macro policies, and supporting inclusive innovations; these are just some of the major focus areas of this long-term plan.

The goal is to have a private sector-led economy that is coordinated and supported by the government.  The project aims to support the adoption of job-rich macro policies and the implementation of innovative job creation programs.

To achieve this, the initiative acknowledges the need to build capacity of implementing …

Goh Betoch Bank a new financial institution that aims to introduce mortgage banking offers its shares to the public in Ethiopia.

Getahun Nana, the former VP of the central bank of Ethiopia, who is now one of the founding members of Goh Betoch Bank said: “Currently there are 1.2 million housing shortages in Ethiopia.” He added that Ethiopia needs to provide additional houses every year in order to meet the growing demand for housing that is why they have introduced the bank to provide loans for housing construction.

Getahum said that only less than 4% of the loans in Ethiopia goes to housing construction for both real estate developers and individuals as he briefed potential investors to the new bank.

Eng. Aisha Mohammed, Minister of Ministry of Construction and Urban Development of Ethiopia, expressed her hope that the new bank will benefit individuals who are engaged in real estate …

The National Bank of Ethiopia today granted the first financial services license to a foreign-owned company, Ethio Lease, as the Ethiopian Government delivers on its promise to gradually liberalize the economy and create jobs.

Increasing foreign direct investment is a centerpiece of Prime Minister Abiy Ahmed’s reform agenda to increase private sector growth in a country where an estimated 75% of the 100+ million population are under 30 and the average age is 18.

Ethio Lease will address the equipment and foreign exchange shortages facing Ethiopia by providing local businesses with access to high-quality equipment, allowing businesses to grow their operations and thereby creating jobs and increasing productivity throughout the country. Ethio Lease is a wholly-owned subsidiary of New York-based equipment leasing firm, Africa Asset Finance Company Inc. (AAFC).

Ethio Lease’s offerings include leases for high-quality equipment, mostly in partnership with leading Original Equipment Manufacturers (OEMs).

AAFC will provide …