Ethiopia: Launch of a new loan scheme targeting female entrepreneurs
The Ethiopian Bank Enat is to provide loans without collateral to women wishing to become entrepreneurs.The Ethiopian Bank Enat is to provide loans without collateral to women wishing to become entrepreneurs.
It has partnered with other stakeholders such as the Ethiopian Entrepreneurship Development Centre (EDC), the Centre for African Women Economic Empowerment (CAWEE) and the Prime Minister's Office, Addis Fortune reports.
Discussions to launch the program started between the EDC in February 2013 and the Bank expects to sign a Memorandum of Understanding (MOU) with the EDC before the end of February.
The women beneficiaries will receive their loans after completing a six day training on various topics such as document preparation, business recording and basic accounting, as well as savings, business planning and balancing incomes and expenses.
Loans will start at Br20,000 (€750) and will be granted to women with little or no income, aged between 18 and 65 said Birtukan G.Ezgi, vice president of the Bank.
He added that Enat Bank plans to finance 50 women during the first phase and that the number of beneficiaries will increase as the program progresses to the next level.