The need for economic development in Ethiopia is paramount. Of the
country’s 73.9 million people, 39% live on less than $1.25 per day.
More than eight out of ten Ethiopians live in rural areas, where agriculture
is the mainstay of life. Nationally, there’s just one bank branch for every
100,000 Ethiopians, underscoring the need for financial services. In rural
areas, the need is even more acute.
Through the five-year program, World Vision will address the need for
economic development in two ways: through the World Vision-affiliated
microfinance institution in Ethiopia, and through community-based
economic development activities.
Our microfinance activities will provide financial services to 26,500
people in seven districts in Ethiopia. As a result, parents and caregivers
can better meet the needs of nearly 80,000 children for basic education,
adequate nutrition, and timely healthcare. Toward these ends,
WISDOM—a microfinance institution founded by World Vision in
1999, and one of 41 in World Vision’s global network of microfinance
affiliates—plans to open two new microfinance branches and develop its
work in five recently opened branches. Th is will enable us to serve a larger
number of people and improve our services for existing clients.
Community-based economic development activities will be implemented
in three areas where World Vision is working, benefiting nearly 147,000
people directly and more than 1.7 million indirectly. World Vision
aims to improve farmers’ access to critical market information, improve
connections to public and private sector providers and educational
resources, and empower community members to create self-managed
savings and lending groups. Our hope is for struggling farmers to become
equipped with resources and knowledge to boost their businesses.