Ethiopia, European Investment Bank Sign Loan Agreement to Support Female Businesses

Members of a women's co-operative (file photo).

Addis Ababa — Ethiopia has signed a 30-million-Euros agreement concessional loan with the European Investment Bank (EIB) today.

The loan will be used to support the Women Entrepreneurship Development Program to benefit women engaged in business activities.

The agreement was inked by Finance Minister Ahmed Shide and EIB President Werner Hoyer in Addis Ababa.

During the signing ceremony, EIB President Hoyer said the loan will raise the incomes of female-run micro and small enterprises by providing more women entrepreneurs access to loans.

Appreciating the move taken by the government of Ethiopia to ensure gender equality, he noted that empowering women is instrumental in improving women's productivity, economic growth and social cohesion and justice.

Finance Minister Ahmed Shide on his part acknowledged the importance of the loan to enhance access to female-owned small and micro enterprises.

The grant will support women entrepreneurs by providing training in manufacture sector and providing training in professional life skills, he added.

Ahmed revealed that public infrastructures, access to finance to small and micro enterprises, and mobile banking are among the areas of engagement between Ethiopia and EIB.

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