Ukrainian Foreign Policy Eyes Africa

May 27 , 2023


[ssba-buttons]

A bilateral Trade Commission between Ethiopia and Ukraine may see the light of day, Ukrainian Foreign Minister Dmytro Kuleba revealed.  He met Prime Minister Abiy Ahmed last week with the aim of lobbying for "mutual respect, interest and benefit". He cited pharmaceutical advancements, agricultural products, digital infrastructure and cyber security as areas of strength Ethiopia could benefit from Ukraine. The Minister is the first diplomat from Ukraine to visit Ethiopia. He said the current administration led by Volodymyr Zelenskyy wished to "reinvigorate" a relationship citing that the Zelensky Initiative successfully exported two-thirds of Ukraine's agricultural products to Africa, the Middle East, and Asia. During a press conference at Hilton Addis, the Minister expressed disappointment in not maintaining a strong relationship with African countries, stating, "we lost." However, he expressed satisfaction with his meeting with the Prime Minister and anticipates further discussions to identify areas of partnership between the two countries.


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...