Minstry to Source Frieght Trucks from Kenya

Jan 29 , 2022


The Ministry of Transport & Logistics is to commission vehicles from Kenya to support the transportation of supplies for humanitarian assistance. Negotiations are ongoing with Kenyan officials through a joint team, officials of the Ministry disclosed. The move will allow the Ministry to dedicate sufficient trucks for the transportation of fertiliser. Presenting their half-year performance report to the standing committee overseeing the transport sector at Parliament, officials stated concerns that the transportation of imported fertiliser would be a burden. The fertiliser, which will be delivered through 30 vessels, was expected to be delivered about four months ago. Additionally, the World Food Programme (WFP) has procured 118 trucks and another 200 will be commissioned from Djibouti for its humanitarian operations in the country. There are about 13,000 cross-country freight trucks in the country.


Radar

Fitch Downgrades Lemmi National Cement Investor

Fitch Ratings has lowered West China Cement Limited's (WCC) credit rating due to concerns over its financial health and operating environment in Ethiopia. The company's Long-Term Issuer Default Rating has been downgraded to 'B-' from 'B+', and its senior unsecured rating has been reduced to 'CCC+'. WCC's free cash flow is expected to remain negative in 2024, primarily due to high capital expenditures and challenges in generating sufficient revenue. The company faces significant operating risk...


Radar

Ethiopia Seals Currency Swap Deal with China

Ethiopia and China have agreed to use their respective currencies for bilateral trade, a move aimed at enhancing economic cooperation and addressing foreign exchange challenges. The announcement was made by Ethiopian Finance Minister Ahmed Shide following the recent Forum on China-Africa Cooperation (FOCAC) meeting in Beijing. He revealed that the central banks of both countries are finalizing the details of the currency swap agreement, similar to the one Ethiopia signed with the United Arab...


Radar

USAID Launches National Youth SACCOs

The United States Agency for International Development (USAID) Integrated Youth Activity (IYA), Kefeta, has reached a milestone in its youth empowerment efforts. The Amref Health Africa-led project has successfully established youth-owned and managed Savings and Credit Cooperatives (SACCOs) in 18 cities. The Kefeta Youth SACCO, now operational on a national scale, has already garnered substantial membership and savings. With over 7,800 members, 38,900 shares sold, and nearly 60 million Br in...


Back
WhatsApp
Telegram
Email