Addis Credit to Transition into Bank

Oct 9 , 2021

The shareholders of Addis Credit & Saving Institution S.C have agreed to transform the firm into a full-fledged bank, dubbed the "Bank of Addis," during a general assembly held last week. Addis Credit & Saving has a paid-up capital of 3.7 billion Br. It is the latest microfinance institution to embark on the transformation. The shareholders of Omo Microfinance made a similar decision earlier this month, while Amhara and Oromia saving & credit institutions have also entered the process. Addis will be providing microfinance services in addition to operating as a bank, according to Damtew Alemayehu, managing director at the firm. However, a directive from the central bank obligates microfinance institutions to finalise their transition into a bank within a 24 month period. Addis Credit & Saving was founded in 1996 and acquired a license to operate as a microfinance institution four years later.


Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...