News: Germany hands over nine tractors, 21 combined harvester machines to Ethiopia through Development Bank
Addis Abeba –The German Development Bank, KfW, has handed over nine tractors and 21 new combined harvester machines to the clients of Development Bank of Ethiopia (DBE) through the Agricultural Mechanization and Leasing Project (AMLP).
In a statement sent to Addis Standard, the German embassy in Addis Abeba said, Germany has a steady partnership with Ethiopia supporting Ethiopia’s agricultural development through financial and technical cooperation in a bid to elevate productivity through the Agricultural Mechanization Leasing Project (AMLP) run by Development Bank of Ethiopia.
Accordingly, German’s KfW Development Bank has provided 15 million Euros for the project to provide access to foreign currency, capacity building and the provision of technical requirements to the Development Bank of Ethiopia to ensure a sustainable utilization of the machinery.
Additional 22 tractors, 16 combined harvesters and equipment have been ordered and their delivery is expected in the month to come, the statement added.
“The use of lease financing in Ethiopia bears huge potential for an increase in access to finance and tackling the FOREX issue in the country. By addressing the needs of the under-served agricultural sector, the project is closely aligned with objectives of the national 10-Year-Development-Plan in terms of further developing this sector.” AS
