US Pledges $10m for Locust Outbreak Fight

Mar 7 , 2020


[ssba-buttons]

The United States, through its aid department USAID, has pledged 10 million dollars to support operations to control the swarms of locusts in Ethiopia, Kenya and Somalia. The donation comes three weeks after United States Secretary of State Mike Pompeo announced the first eight million dollars in support. During his three-day visit to Ethiopia, he announced the pledge to tackle the desert locust outbreak in East Africa. The new aid is expected to have a positive impact on affected communities in Ethiopia and throughout the Horn of Africa. The current outbreak of desert locusts is the worst to hit East Africa in decades. The insects have infested the region and are eating their way through vegetation and livestock pastures. The current funding will support locust detection, surveillance and control operations across the region, which include ground-based and aerial efforts. Over the past five years, the United States has been the largest bilateral donor to Ethiopia and has invested four billion dollars to help people across the country lead healthier and more prosperous lives.


Radar

Dangote, EIH Break Ground on Mega Fertilizer Plant in Somali Region

Ethiopian Investment Holdings (EIH), the state's sovereign investment arm, has struck a deal with Dangote Group to build one of the world's largest urea fertiliser complexes in Gode, Somali Regional State. The 2.5 billion dollars project will see EIH hold a 40pc stake while Dangote keeps 60pc. With agriculture employing over 70pc of Ethiopians, the government hopes the factory will cut fertiliser costs, create jobs, and boost crop yields while positioning the country as a regional hub. Design...


Radar

CBE Capital Joins Nib Bank for Market Expansion

Nib International Bank has partnered with CBE Capital, the investment arm of the Commercial Bank of Ethiopia (CBE), to expand investment banking services and shore up its finances. The deal covers advisory services, seeking to strengthen Nib's balance sheet, attracting capital, and positioning the bank in a modernising financial sector. The partnership follows a difficult year for Nib, where net profit dropped 36pc to 957.9 million Br and deposits shrank, despite paid-up capital climbing to ...


Radar

Credit Cap Nears Lift-Off

The National Bank of Ethiopia (NBE) is preparing to lift its long-standing credit cap by September, unlocking 1.3 trillion Br in bank lending. The move, flagged by board member and State Minister of Finance Eyob Tekalegn (PhD), follows years of complaints from businesses that borrowing limits choked large-scale projects. Eyob told a local radio station the reform reflects rising investor appetite and improved economic conditions, though he admitted "financing has been the biggest bottleneck for...