Addis Ababa June 29/2017 Ethiopia and European Investment Bank (EIB) have signed a 70-million-Euro loan agreement today.
State Minister of Finance and Economic Cooperation, Admasu Nebebe, and European Investment Bank Vice President Pim Van Ballekom signed the agreement.
The proceeds from the loan will be used to increase access to finance small and medium enterprises (SMEs) in Ethiopia that operate in manufacturing and agro-processing industries by establishing a credit facility that provides access for finance for leasing and working capital.
A press release of Ministry of Finance and Economic Cooperation said the flow of funds will involve the Development Bank of Ethiopia, financial institutions and beneficiaries.
SMEs will be provided with toiled business development services to address issues of developing bankable business plans, quality of finance records, managing risks, business development and management.(ENA)