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Ethiopia to give loans for farmers using agricultural products as collateral

The Ethiopian Commodity Exchange (ECX) is set to launch a system to enable farmers get loan from banks using their products stored in its warehouses as collateral. In a press briefing on Saturday, CEO of the ECX Wondimagegnehu Negera said enabling farmers to get access to finance using products that they stored in the warehouses of ECX is among the major plan for the current fiscal year.

According to him, the new system is aimed at helping farmers improve their working capital and that increases customers of the commodity exchange. Testing the new warehouse receipt system will be started soon on farmers who supply maize in the Bure and Nekemte branches of the commodity exchange.

The commodity exchange is planned to include Niger seed and cotton into the system. It also has a plan to include green mung bean and red apricot to the mandatory trading system, in which products are allowed to be transacted only through the ECX, he said.

The CEO said the commodity exchange is set to transact $1.3 billion in the current Ethiopian fiscal year, which began on July 8, 2019. Over 681,845 tons of products amounting to $1.2 billion was transacted through ECX during the concluded Ethiopian fiscal year.

Source: https://www.journalducameroun.com/en/ethiopia-to-give-loans-for-farmers-using-agricultural-products-as-collateral/

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