FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo



AfDB Approves $5.5m Grant for East Africa Energy Projects

Apr 16 , 2022

[ssba-buttons]

The board of directors of the African Development Fund (ADF) has approved a 5.5 million dollar technical assistance grant to kick-start the roll-out of the flagship Desert to Power initiative to be implemented in Ethiopia, Djibouti, Eritrea, and Sudan. Dubbed the East Africa Regional Energy Project, it will be financed through the regional public good window of the ADF, the concessional arm of the African Development Bank Group (AfDB). The project will develop technical studies for regional solar parks and associated battery storage near regional energy inter-connectors, high-voltage cables that connect the electricity systems of neighboring countries. The initiative will also work to strengthen the technical capacity of the implementing institutions, the Intergovernmental Authority on Development (IGAD), a trade bloc that includes countries from the Horn of Africa, Nile Valley and the Great Lakes region.

Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...

Read more >>

Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...

Read more >>

Radar

Export Recovery Gains Ground, Industry Still Lags Potential

The Ministry of Industry (MoI) has reported a modest rebound in Ethiopia's manufacturing exports, with revenues climbing eight percent in the 2025 fiscal year to reach 318 million dollars. Minister Melaku Alebel attributed the growth to a gradual sectoral recovery but acknowledged the figures remain well below the country's industrial potential. Speaking at a forum held with 60 top-performing manufacturers, Melaku said the ministry is working to unlock bottlenecks and improve coordination. Th...

Read more >>