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In an effort to improve Ethiopia’s raking in the Ease of Doing Business report, an index published by the World Bank Group (WBG) every year, a high level ministerial initiative, which Prime Minister Abiy Ahmed (PhD) is leading, has tabled major reform outcomes to the business community on Friday.
Abebe Abebayehu, Commissioner of Ethiopian Investment Commission (EIC), a public agency mandated to facilitate the initiative, told reporters that the renewed “doing business” reforms have seen major cross sectoral progresses within the past five months. The primer has set out a steering committee that solely works towards achieving successful results. The monthly meeting chaired by PM Abiy tries to review the “doing business” reforms to incorporate new challenges of doing business in Ethiopia.
Some of the underlying measures include trade registration, business solvency and liquidation; and high level government officials have briefed the business community about the proposed reforms.
Yinager Dessie (PhD) governor of the National Bank of Ethiopia (NBE) has outlined three core undertakings with regards to ease of doing business initiative. He mentioned that one of the requirements to improve in the doing business ranking is improvement of the credit system. Hence, a new directive on credit information system and a draft proclamation on “Movable Properties Security Rights” are the two notable undertakings NBE has undertaken over the course of the past two months, Yinager said.
NBE’s credit registry database covered only 0.4 percent of the total adult population of Ethiopia until very recently, Yinager admitted; however, the three million microfinance customers who have been added to the database system helping it expand to six percent. According to the governor, the banking system was only able to extend credits to 222,000 borrowers, to date, while microfinances were doing relatively much better reaching 5.3 million customers. In addition, lease capital financing has availed credits to some 3,000 clients in general. In terms of the total credit facility and accessibility ranking, Ethiopia’s performance is highly dismissible when looked at from the perspective of Ethiopia’s adult population.