Abyssinia Group Eyes Expansion with IFC Funding


Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs approximately 3,640 workers across its operations. The IFC's review included site visits and thorough assessments of environmental, health, safety, and social aspects. As part of the project, AGI will implement several measures to align with IFC Performance Standards, including environmental and social management systems and conducting environmental and social impact assessments. IFC will also require AGI to undertake a labor audit to assess compliance with labor laws and IFC standards. The project is pending approval by the IFC Board of Directors.


Radar

Ethiopias Capital Market Sets Sights on Talent Strategy

A new strategy to strengthen the human capital foundation of Ethiopia's emerging capital market is taking shape. Led by FSD Ethiopia in partnership with iCapital Africa Institute and the Nairobi Securities Exchange, the initiative is focused on building the skills, expertise, and institutional capacity needed to support the Ethiopian Capital Market Authority (ECMA). The second round of consultations took place on April 23 at Best Western Hotel, drawing key stakeholders including ECMA Director...


Radar

National Bank Upgrades Core Financial System to Global Standard

The National Bank of Ethiopia (NBE) has officially upgraded the Ethiopian Automated Transfer System (EATS), the country's Real-Time Gross Settlement (RTGS) platform, to align with the ISO 20022 messaging standard, effective March 29, 2025. Handling more than 3.5 million transactions a year worth over five trillion Br, EATS is a critical component of the country's financial ecosystem. It enables real-time, high-value settlements among 35 financial institutions, including commercial banks and m...


Radar

Spice Supply Hits 41,000tns in Nine Months

The South West Ethiopia Coffee, Tea, and Spices Authority has announced that over 41,000tns of spices were supplied to the central market in the first nine months of the current fiscal year, reflecting the region's growing role in the country's spice economy. The region is cultivating spices on more than 90,000 hectares of land, with major contributions coming from turmeric, cardamom, ginger, and black pepper. For the full fiscal year, the authority aims to supply more than 56,000tns of spice...