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Addis Ababa City Administration said it has allocated 1.7 billion birr to youth.

Of the disbursed loan, 1.4 billion birr was donated in the first quarter of this year, and the balance was distributed to the youth by the end of the second quarter.

According to the New Credit and Saving Institute, the Financial Broadcasting Corporation said that more than 26,000 young people have already taken out loans from the fund.

Head of the Institute for Market Research and Business Development, Mesfin Fetuma, said that over 7,100 young people have been organized on loan at the enterprise level.

According to Tewhun Tadesse, the Deputy Head of the Addis Ababa Micro and Small Enterprises Development Bureau, board member of Addis Credit and Savings Institute, he said that many of the projects have been done to ensure that the loan is properly allocated to the youth.

He further noted that the initiatives that are benefiting the youth are being implemented, and that in the lending process, improvements have been made to benefit the youth more.

Among the improvements that have been made to reduce the number of young people from 5 to 3, the reduction of pre-school savings from 10% to 5%, and the removal of the age limit for women.

In addition, service delivery and business development department head of the institution, the head of the Institute for Market Research and Business Development, said that the service delivery gaps, which had been observed in the loan repayment process, had been delayed for several days.

He said all problems are now being resolved and monitoring is underway.

Of the disbursed loan, 1.4 billion birr was donated during the first quarter of this year, and the remaining balance is distributed to the youth by the end of the second quarter.

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