Ethio Lease has delivered more than 85 combine harvesters to its beneficiaries, 10 of which were presented to the Ethiopian Agricultural Business Corporation (EABC). The harvesters were delivered to Bishoftu and amount to more than 16 million USD.
According to Ethio Lease CEO Girum Tsegaye the equipment is going to be crucial in generating new economic activities as well as contributing to the fight against the locust swarms that have decimated farmlands in various regions of the country.
The company’s Vice President of Marketing and Sales Degol Gossaye also confirmed that the harvesters are projected to produce more than half a million tons of barley and wheat annually which estimates suggest will have a value of more than 225 million USD.
This production value is in addition to the 180,000 smallholder farmers that are going to directly benefit and the 66 million USD harvest loss per year that is going to be reduced and create thousands of job opportunities.
Ethio Lease is the only privately-held and foreign-owned leasing company in Ethiopia and it is a subsidiary of Africa Asset Finance Company Inc. (AAFC). The company began operating in August of 2019 and has provided 60 tractors, which collectively cost 4.2 million USD, to Ethiopian farmers since.
The company also provides bespoke equipment financing and a wide range of leasing services for multiple sectors including healthcare, energy, food and coffee processing, and manufacturing, among others. To date, the company has signed leasing agreements with more than 100 customers for more than 200 equipment units of various types.