ADDIS ABABA – The Ethiopian government has allocated billions of Birr in loans to the manufacturing sector as part of a concerted effort to accelerate industrial development across the nation, disclosed Melaku Alebel, Minister of Industry.

According to Ethiopian News Agency, this financial support is integral to the success of the ‘MadeInEthiopia’ movement, initiated two years ago by Prime Minister Abiy Ahmed. The movement aims to enhance the competitiveness of the national manufacturing industry by addressing systemic bottlenecks through sustainable, integrated, and comprehensive strategies. These government-led initiatives, including policy reforms and other crucial measures, have significantly contributed to the advancements within the sector.

Over the past ten months of the current fiscal year, approximately 42 billion Birr has been directed towards major manufacturing industries, while small and medium-scale industries have received over 5 billion Birr. This marks a doubling of loan allocations compared to the previous year. The minister highlighted the effectiveness of the import substitution strategy that has enabled Ethiopia to domestically produce 96 types of goods previously imported, helping to rectify the country’s foreign trade imbalances.

These efforts have not only fostered new investments but have also increased the domestic product’s share by 10 percent. Additionally, the country has successfully substituted imports equivalent to 2 billion USD, further boosting local manufacturing capabilities and economic growth.