(3 minutes read)
· Ethio Lease, the first equipment leasing company, licensed by the National Bank of Ethiopia, distributed 85 combine harvesters to beneficiaries
· Of that, ten equipment have been delivered to the Ethiopian Agricultural Business Corporation. Those equipment are worth over US$16 million
· The combine harvesters, it is estimated, would benefit 180,000 smallholder farmers, reduce harvest losses to the tune of US$66 million per annum, and create or sustain 850 direct and 34,000 indirect jobs
Ethio Lease, the first equipment leasing company, licensed by the National Bank of Ethiopia, distributed 85 combine harvesters to beneficiaries. Of that, ten equipment have been delivered to the Ethiopian Agricultural Business Corporation. Those equipment are worth over US$16 million.
Girum Tsegaye, CEO of Ethio Lease said that the equipment was of paramount importance to the farmers and generate new economic activity. It will increase efficiency and yield in Ethiopia’s harvest and bolstering the fight against the locust swarms. Ethio Lease has, since August 2019, leased 60 tractors worth over US$4.2 million all over the country.
Mr. Girum pointed out these deliveries would create a significant impact in both boosting productivity and mitigating the losses generated by more traditional farming practices and unforeseen environmental issues like locusts.
The combine-harvesters will produce more than half a million tons of barley and wheat per annum, which will have an annual local market value of US$225 million, enough to bake two billion loaves of bread. The combine harvesters, it is estimated, would benefit 180,000 smallholder farmers, reduce harvest losses to the tune of US$66 million per annum, and create or sustain 850 direct and 34,000 indirect jobs.
