Aperio Associates

Last week, Hello Tractor signed a memorandum of understanding (MOU) with Kenya's Agricultural Finance Corporation (AFC) for the funding of a short-term post-harvest financing product ("the product") incorporating a double warehouse certificate as collateral. The product is often referred to as warehouse receipt financing. Aperio Associates, working with FSD Kenya, designed the product and the associated credit and documentation procedures, and we provided training to Hello Tractor's booking agents responsible for originating the loans. Hello Tractor has successfully completed a pilot project at its Mauca Warehouse Hub in Nakuru County, Kenya. With AFC's support, they now plan to offer the product to smallholder farmers at their other hubs. In parallel, and through Genesis Analytics, we also offered training in warehouse receipt financing to AFC. Our thanks and congratulations to everyone involved in this project.

Last Tuesday, at the hashtag Spring meetings in Washington, D.C., I attended a panel discussion entitled "Financial Sector Overhaul in Ethiopia." Panelists included the Governor of the National Bank of Ethiopia (hashtag ) and representatives from the World Bank and the hashtag . The panelists covered the impressive number of macro-reforms currently being undertaken by NBE, with support from the World Bank and the IMF.

hashtag and its Principals have been providing financial support to Ethiopia since 2017, including:
* Conducting 9 2-day workshops on financial leasing for professionals from the Development Bank of Ethiopia (hashtag );
* Developing recommendations for the re-capitalization of 5 regional leasing companies located throughout Ethiopia, including visits to 4 of the regional leasing companies, and leading a workshop that included officials from the Government of Ethiopia (hashtag ) and managers of the 5 regional leasing companies. The regional leasing companies play an important role in Ethiopia, focusing on extending financial leasing credit to micro and small enterprises (hashtag )
* Along with the International Finance Corporation's (hashtag ) Office in Addis Ababa, organized a study tour to Ukraine for Ethiopian Government Officials responsible for the regulation and supervision of financial leasing companies operating in Ethiopia. The participants met with the National Bank of Ukraine, the Chair of the Financial Services Committee of the Parliament of Ukraine, the Head of the Ukrainian Union of Lessors, and 2 Ukrainian financial leasing companies.
* Participated in developing a diagnostic designed to guide reforms in the regulatory and supervisory policies of the NBE, applying to the financial leasing industry in Ethiopia.

We look forward to continuing our involvement in Ethiopia.