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




IGAD Warns of Fifth Consecutive Poor Rainy Season

Aug 27 , 2022


[ssba-buttons]

The Intergovernmental Authority on Development (IGAD) has warned that drought-affected areas in Ethiopia, Somalia and Kenya are likely to receive insufficient rainfall this year. It will mark a fifth consecutive failed rainy season, which falls between October and December and constitutes two-thirds of annual rainfall in the areas. The UN called drought facing large swathes of East Africa the "worst in four decades." The situation is likely to deteriorate in light of the latest forecast. Last month, the United Nations Children's Fund (UNICEF) warned the drought in Ethiopia's east and south could turn into a full-blown famine without immediate action. The agency says it is facing difficulties in sourcing financing and aid to back its humanitarian operations in the drought-stricken regions. It reports that severe acute malnutrition has risen sharply in these areas. There has been a 47pc increase in the Somali Regional State, according to UNICEF.


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...