National Bank of Ethiopia (NBE) will be releasing a total of $ 242,144,760 as commercial banks will be lending to growers, suppliers & exporters in supporting green coffee harvest & related processing. As officials from NBE explained the commercial banks will be allowed to use 2% of their reserves which will greatly contribute to record exports of 4,666,667bags of green coffee & its targeted $ 1.1 bill. revenue. Coffee exporters association credited the decision as a key input for working capital while officials from commercial banks appreciated the decision as it will improve their liquidity. As our sources briefed ECTA’s DG Adugna Debela (Ph.D.) also welcomed the new directive emphasizing the sensitive nature of coffee processing & its prerequisite finance.
ECTA’s green coffee sales updates
Ethiopia’s green coffee export sales have brought $515.08 MM over the past 5 months. ECTA planned to earn $358.81million by exporting 108,035.70 MT of green coffee in the last five months, earning $515.08 million (144%)above projections from a total of 133,113.74 MT. Compared to the same period last year, the volume increased by 51,546.65 MT while the revenue increased by $240.81 million.Germany’s imports accounted for 32,889.92 MT (25%) and revenue of $109.79 million (21%), while Saudi Arabia bought 19,287.87 MT (14%) and at a cost of $66.31 million (13%). Belgium took third place with imports of 13,252.26 MT (10%) and worth $55.02 million. Japan, the US, South Korea, Italy, France, and Taiwan took the ranks from 4th -10th. The top 10 destinations accounted for 83% import volumes & 82 % revenues with an increase of 83% & 100% import volumes & revenues respectively compared to 2020’s same period.
COFFEE RESURRECT Inc. is a business set to upcycle coffee waste into personal care & medicinal foods. The company secured the title as one of the top 100 startups of the world at Entrepreneurship World Cup 2021. Its CEO, Almaw Molla explained their representation as to the only national and regional representing Ethiopia.
