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Development Bank handed over equipment for agricultural mechanization to customers

Addis Ababa,  The Development Bank of Ethiopia has handed over the harvesters and threshing equipments provided by the Lease Finance customers with financial support from the German Development Bank.

The handover ceremony was attended by Ethiopian Development Bank Vice President Asfau Abera and Addis Ababa Director of German Development Bank Diana Hedrick.

Mr. Asfaw Abera stated that Germany is the primary development partner of the Ethiopian Front and thanked him for providing support for the purchase of agricultural equipment.

He explained that each equipment provided to the bank's lease finance customers has the capacity to produce up to 1,200 quintals per day.

He mentioned that the Ethiopian Development Bank, the German Development Bank and the Ministry of Agriculture are working to prepare a cooperation framework.

With this, farmers in different areas are benefiting from the lease financing system, he said.

They stated that 33 combine harvesters and 9 tractors have been handed over to customers with 13 million Euros released from the German Development Bank for the agricultural mechanization project.

Diana Hedrick, director of the German Development Bank in Addis Ababa, said that the equipment has an important role in modernizing agricultural work and providing fast services.

They said that they will contribute greatly by supporting Ethiopia's strategy to modernize the agricultural sector.

The information of the bank indicates that the German Development Bank will provide the necessary support for the development activities in the sector in Ethiopia and they have confirmed it.