Ethio Lease hands over $7 m worth agricultural mechanization equipment to farmers

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Ethio Lease, the first foreign-owned leasing company, handed over 16 combine harvesters to farmers and unions. The agricultural mechanization equipment are delivered to the farmers in line with the government’s strategy and the collaborative Memorandum of Understanding, Ethio Lease signed with the Ministry of Agriculture and the Agricultural Transformation Agency. The agreement came to effect to enable smallholder farmers who will not afford to buy agro-mechanization equipment by themselves. The latest delivery of combine harvesters to the farmers brings the total number of agricultural equipment being delivered to farmers to 100 with a total worth of more than $7 million fulfilling the commitment the company made to the farmers and the agricultural sector. The Company is also finalizing the import of dozens of combine harvesters worth $10 million which are expected to arrive in September and October. These combines are intended for the main harvest season. Girum Tsegaye, Ethio Lease CEO said “the continued arrival of these agricultural equipment demonstrates our commitment in supporting the country’s agricultural mechanization endeavour in lieu of solving foreign exchange issues to import such critical equipment.” He further stated “Sustainable agricultural mechanization can play a key role in enabling recovery and building long-term resilience of the farming community. Mechanization can improve efficiency, productivity and income in agriculture endeavour, and enhances food security and livelihoods of farmers.”