Ethiopian women get World Bank support
DEVELOPMENT| May 28, 2012, 10:28 a.m.
The World Bank has approved a USD50 million credit from the International Development Association for a project to support women entrepreneurs in Ethiopia.
The World Bank says major obstacles that hinder the role female entrepreneurs can play in Ethiopia’s economy include limited access to vital resources such as finance, land, training, education, and effective business networks. Particularly, the microfinance institutions in Ethiopia have a low coverage for women entrepreneurs and do not provide suitable financing.
In order to alleviate these challenges, the World Bank has created an innovative project specifically targeted to female entrepreneurs in Mekele, Bahir Dar, Hawasa, Adama, Addis Ababa and Dire Dawa.
The project aims to increase the earnings and employment of Micro and Small Enterprises (MSE) owned by female entrepreneurs by improving access to financial services and by providing working capital and investment finance through a dedicated line of credit. It will also improve existing Micro Finance Institutions’ capacity to provide tailored financial products to these female entrepreneurs.
According to recent estimates, in addition to creating employment for women in the economic sectors, reducing gender inequalities in education and the labor market could increase Ethiopia’s annual GDP growth by almost 1.9 percentage points.
In addition to providing financing, the project will build the women entrepreneurs’ skills, facilitate their access to technologies that will help them be more productive, and unleash synergies from clustering.
MORE DEVELOPMENT NEWS
Airtel DRC launches ‘Back to School’ promotionMobile operator Airtel has this week launched a humanitarian programme to support its cash-strapped subscribers in the Democratic Republic of Congo (DRC) to ease their worries, as the 2014-2015 school year draws near. Read More
TNM donates K1 million to Special OlympicsMobile network service provider TNM has donated K1 million towards the organisation of Special Olympics Malawi (SOM) games taking place in Lilongwe from today. Read More
Mini Grids Summit to be staged in NairobiMajor players in the power industry will convene in Nairobi this November to synergise the commercial potential of Mini Grids in Africa. Read More
Alex families receive Schneider Electric solar lampsSchneider Electric, a specialist in energy management, has partnered with Rays of Hope, a non-profit organisation, providing 28 schoolchildren and their families in the northern Johannesburg township of Alexandra with an alternative to using candles and paraffin as a source of light. Read More
FSDEA announces ‘Future Leaders of Angola’ scholarshipFundo Soberano de Angola (FSDEA) has announced the launch of its Scholarship Program, called ‘Future Leaders of Angola’, aimed at building up the economic empowerment and capacity of a new workforce in the country. Read More
Tigo CEO encourages more girls to study ICTThe Chief Executive Officer of telecommunication company Tigo Ghana limited, Roshi Motman, is encouraging more girls to study ICT. Read More
Schneider Electric trains 50,000 in energy managementSchneider Electric has trained more than 50,000 people in energy management as part of its BipBop energy access programme. Read More
Samsung Electronics launches first Solar Powered Internet School in GhanaChildren in the deprived community of Dago in the Akuapem South District of Ghana’s Eastern Region have received their first Solar Powered Internet School. Read More
US, AfDB enhance Power Africa partnershipAs part of the US-African Leaders Summit, African Development Bank (AfDB) Group President, Donald Kaberuka, reaffirmed the AfDB’s support to advance the Power Africa initiative, with a commitment of $3 billion over a 5-year period. Read More
FEATURED STORYSafaricom-Equity battle for mobile banking hots up
Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.