On 25th of February, Italy has been recognized by the International Finance Corporation (IFC) for its contribution to the development of the private sector in Ethiopia, in particular for its leading role in the Multi Donor Initiative (MDI) focused on two main pillars: investment climate and access to finance. The recognition reception has taken place in Hyatt Regency Hotel with the participation of all the donors involved in the initiative: Canada, Italy, Netherlands, Norway, Sweden, United Kingdom, and United States.
In the past 8 years, Italy has had a triggering role in shaping the MDI for Private Sector Development in Ethiopia and the development of the initiative, implemented by the IFC.
Thanks to the joint effort of the many donors and IFC, at February 2020 many results have been achieved in both pillars area, such as:
- Ethiopia Improved Two Indicators Score Points in the Ease of Doing Business 2020.
- Ethiopia Entered the Top 20 Most Visa-Open Countries in Africa.
- The Government of Ethiopia Launched Medium-Term Doing Business (DB) Reform Implementation Roadmap resulting in simpler procedures on commercial registration and business licensing, VAT reporting for small and medium taxpayers, and risk-based construction permit issuance and inspection directive for low and medium risk buildings. Moreover, a new commercial code has been drafted and will be approved in the first half of 2020.
- Electronic Single Window (eSW) was officially launched by the Prime Minister of Ethiopia to facilitate trade for Ethiopia and to enhance cost effectiveness and efficiency in trade logistics landscape of Ethiopia.
- Tourism Ethiopia (TE) established a working group for the implementation of two tourism strategies
- Amhara Investment Commission started piloting Tana Belt initiative.
- Amhara and Oromia National Regional States to Establish a One-Stop Service (OSS) for Business Registration and Licensing.
- Ethiopia Ratified a New Investment Proclamation that opens up the Space for More Private Sector Participation attracting more Foreign Direct Investment (FDI) to the Country.
- Ethiopia Commodity Exchange (ECX) Launched Warehouse Receipt Financing (WRF) in partnership with Commercial Bank of Ethiopia (CBE).
- First Foreign-Owned Leasing Company, Ethio Lease, Launches Operations in Ethiopia.
- National Bank of Ethiopia (NBE) Successfully Completed the Integration of Microfinance Institutions (MFIs) Borrowers to the Credit Bureau Database.
- Ethiopia’s Movable Assets Security Rights Proclamation Approved by the Parliament Enabling the Creation of a New Movable Collateral Registry.
- Agreements Signed with Two Local Companies to Provide Corporate Governance Advisory Services.
- 40,000 Smallholder Farmers Benefited in Heineken’s Barley Supply Chain.
- Luna Export PLC Achieved the Globally-Recognized Food Safety System Certification (FSSC).
- Enat Bank started Rolling Out Non-Financial Services Training for Women Entrepreneurs.
For more detailed information, refer to the latest newsletter by IFC, February 2020 – Vol.3: www.ifc.org.