Wegagen Bank, in partnership with Qena Software Design, a leading fintech company, has officially launched its new digital loan service named “Efoyta.” This service aims to cater to various segments of the community by providing accessible digital loans. The announcement was made on July 22, 2024, during a ceremony held at the Planet Hotel in Mekele.

The event was graced by esteemed guests, including Dr. Alganech Tesemma, along with board members and management of Wegagen Bank, clients, representatives from Qena Software Design, and other invitees.

The “Efoyta” digital loan service is primarily designed to support small, micro, and medium-sized businesses by providing them with the necessary capital to expand their operations and create job opportunities. Additionally, it aims to offer emergency loans to salaried employees.

Abdishu Husen, the Chairman of the Board of Directors of Wegagen Bank, highlighted that the service is intended to help individuals and businesses overcome financial challenges and realize their plans. He emphasized that many citizens face difficulties in executing their ideas due to financial constraints, and the “Efoyta” digital loan service will enable them to achieve their goals.

Moreover, Abdishu Husen noted that the launch of this service aligns with the bank’s strategic plan to provide financial services that improve the lives of various community segments. By offering accessible loan services, Wegagen Bank aims to enhance the financial inclusivity and economic well-being of numerous individuals.

This new service is expected to make a significant impact by transforming the lives of many people who previously had limited access to credit facilities. It reflects Wegagen Bank’s commitment to innovation and dedication to meeting the diverse financial needs of its customers.

Komari Beverage announced that its Arada Lime flavor has been honored with a prestigious accolade at the 63rd Edition of the Monde Selection Quality Awards. This esteemed recognition underscores the exceptional quality of Komari’s product, which has garnered acclaim from a panel of distinguished judges.

Established in 1961 by the International Institute for Quality Selection in Brussels, Belgium, the Monde Selection Quality Awards are renowned globally for their rigorous assessment of food, beverage, and cosmetic products. The awards serve as a mark of distinction, assuring consumers of the superior quality and excellence of awarded products.

Kiffle Yohannes, Co-founder and CEO of Komari Beverage, expressed his enthusiasm for the award, stating, “Our mission is to offer a diverse range of choices and flavors. We take immense pride in being more than just a beverage manufacturer; we are a platform where stories are shared and tastes are celebrated. This recognition reflects the passion of our team and the unwavering support of our loyal customers.”

The Monde Selection jury, composed of independent and esteemed specialists including wine experts, meticulously evaluates each product against stringent criteria. The panel’s expertise spans a wide array of spirits and liqueurs, from cognac and gin to vodka and whisky. Products that achieve high scores are awarded a prestigious quality label, affirming their excellence in the global market.

In receiving the Monde Selection Quality Award, Arada Lime joins a distinguished group of spirits and liqueurs recognized for their superior quality. Kifle Yohannes remarked on the significance of the award, saying, “We are thrilled and honored to receive this accolade for Arada Lime. This recognition not only validates our commitment to quality and innovation but also opens up new opportunities for us. We are excited to continue our journey of excellence and look forward to further achievements.”

Komari Beverage’s success at the Monde Selection Quality Awards highlights its dedication to producing high-quality products and sets a new benchmark in the beverage industry.

Due to its exceptional performance, the logistics giant Ethiopian Shipping and Logistics (ESL) is compelled to purchase four medium-sized vessels as soon as possible under a lease finance agreement.

The company, which achieved incredible success in the recently concluded fiscal year, stated that it has proposed buying six vessels, including two brand-new ones, to its board, chaired by Minister of Finance Ahmed Shide.

The CEO of ESL, Berisso Amallo, stated that the company’s success expectations for the current year depend on the arrival of more vessels.

“In order to meet the target set for the current budget year, we urgently need more used vessels,” he told Capital.

According to the strategy, ESL, which is the sole deep-sea vessel operator on the continent, aims to acquire four pre-owned vessels within the budgetary year to enhance the lucrative cross-trade market segment for the generation of hard currency in the region.

The ambition to increase the size of ESL’s commercial fleet by adding midsize vessels is not new.

The government has given the state-owned logistics giant the go-ahead to purchase two brand-new altramax ships, bringing its total number of ships to twelve by the midterm.

About two years ago, the effort to start building two vessels was initiated.

However, the project has been delayed by the state-owned Commercial Bank of Ethiopia’s delay in allocating foreign currency, despite the fact that the company hired Xiangyu, a Chinese company that currently leads the global shipbuilding market, through an international bid for the construction of the ships.

The project is expected to take at least two years; therefore, in order to meet the increasing demand for the cross-trade service in the near future, the firm has set a goal to purchase secondhand midsize vessels.

The CEO said, “We have presented the proposal to purchase six vessels, including the two brand-new ships, but the four are needed urgently.”

The CEO said that the company will purchase two brand-new ultramax bulk carriers with a capacity of over 63,000 DWT, two used multipurpose vessels with a capacity of 61,000 DWT, and two used container carriers with a carrying capacity of up to 4,000 twenty-foot equivalent units (TEUs) containers.

He expressed his optimism that the government will make a decision shortly.

Wondimu Denbu, ESL’s deputy CEO for corporate services, informed Capital that a lease finance scheme will be implemented to purchase the four secondhand midsize ships.

Wondimu clarified, “We don’t need the government guarantee to purchase the four vessels because we will be leasing the money ourselves.”

“The two brand-new bulk carriers will be funded from local sources,” he added.

Five installment arrangements will be used to pay for the construction of the two brand-new ultramax bulk carriers.

The first payment will be made at contract signature, and the remaining sum will be paid during the steel cutting, keel laying, launching, and delivery phases.

ESL currently operates one ultramax bulk carrier and nine handy-size multifunctional carriers.