FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds




Regional Bank Donates Masks to Ethiopia

Jul 13 , 2020


[ssba-buttons]

The Eastern & Southern African Trade & Development Bank, aka TDB, has donated 160,000 locally manufactured face masks to healthcare workers. Ahmed Shide, minister of Finance and the country’s shareholder representative on the TDB board of governors, handed over the masks to Lia Tadesse (MD), minister of Health, during a ceremony on July 8, 2020. The Bank procured the masks from Everest Apparel Ethiopia S.C., Everest Textiles’ garment factory in Hawassa Industrial Park that employs 2,000 workers. To boost the member states’ efforts in mitigating the effects of the COVID-19 crisis, TDB has launched Covid-19 Emergency Response Programme (CERP) through which essential supplies are procured mostly from regional factories to address healthcare sector imperatives while supporting local private sector and employment, including of women and youth, according to Admassu Tadesse, president and chief executive of TBD. TDB is implementing similar interventions in 20 of its member states as part of CERP, as well as continent-wide, via a half-million-dollar grant that was extended to the African Union’s Africa Centres for Disease Control & Prevention (Africa CDC).


Radar

Federal Prosecutors Accuse Public Officials, Contractors of Corruption, Alleged Illicit Fund Transfers

Federal prosecutors have filed corruption and money laundering charges against 11 defendants, including Nigstu Bogale, Coordinator of the Development Project for Response to the Impact of Refugees in the Horn of Africa at the Ministry of Agriculture, Biniyam Fantaye and Taye Habte, senior irrigation engineers involved in the Development Response to Displacement Impacts Project (DRDIP-II), as well as private individuals and construction company representatives. The case alleges losses and illicit...


Radar

EIH Transitions to New Headquarters as It Oversees Major State-Owned Enterprises

Ethiopian Investment Holdings (EIH) is relocating its headquarters from its current site on General Wingate Street. The former headquarters was located behind the Ministry of Industry and near Abrehot Library. The new office is expected to be on Mozambique Street, along the route from Mexico Square to Bulgaria Road. The building belongs to one of EIH's subsidiaries, and all departments are set to move there as interior design and finishing works continue. Under the leadership of Brook Taye...


Radar

Import Substitution Push Lifts Domestic Manufacturing, Industrial Recovery

A push for import substitution and industrial expansion has prioritised 96 strategic products for local manufacturing. The “Ethiopia Tamirt” initiative reports 4.85 billion dollars in savings, supported by trade fairs linking local producers to domestic and international markets. On average, 700 new projects enter the market annually, contributing to more than 2,800 investments over four years. At the grassroots level, 18,000 SMEs have been established, while 993 dormant factories have...