Ethiopia and the African Development Bank (AfDB) Thursday signed a $ 43 million grant agreement to empower agricultural micro, small and medium enterprises (Agri-MSMEs) in the east African country.
The $43 million grant will be channeled towards the Agri-MSMEs Development for Jobs project, which aims to enhance the competitiveness, employment prospects, and overall development of Micro, Small, and Medium Enterprises in Ethiopia, the Ethiopian ministry of finance said on Friday in a statement.
It said the project has a potential role as a catalyst for productivity, and inclusive growth, contributing to the countryโs ongoing efforts to build a resilient and diversified economy.
The agreement was signed between Ahmed Shide, Minister of Finance, on behalf of the Government of Ethiopia, and Dr. Abdul Kamara, Deputy Director General, East Africa Regional Development and Business Delivery Office and Country Manager, representing the Bank.
The Board of Directors of the African Development Fund โ the African Development Bank Groupโs concessional financing window โ approved a grant of $43 million to Ethiopia on 22 May 2024 to fund the implementation of the Agri-MSMEs development for jobs Program.
โThe project aims to enhance the growth and productivity of over 8,000 micro, small and medium-sized businesses (MSMEs) led by young people and women with special focus on nature based projects,โ Abdul Kamara, AfDB Deputy Director General for East Africa, was quoted as saying.
โThese will significantly boost this promising initiative seeking to eliminate the barriers to finance access for youth and women entrepreneursโ access in Ethiopia,โ the statement said.
Via – MG/as/APA
