AfDB Approves $165.1m Grant to Ethiopia

Jul 10 , 2020


The board of directors of the African Development Fund (ADF) has approved 165.1 million dollars in grant funding to support Ethiopia’s response to the health and economic impacts of the Novel Coronavirus (COVID-19) pandemic. Approved on July 3, the funds will also be used for helping to ease fiscal pressure on the economy and help bolster Ethiopia’s COVID-19 National Emergency Response Plan. The Plan aims to expand social protection coverage for the most vulnerable, enhance the government's capacity to contain the virus outbreak, and address macro-fiscal imbalances, as well as cushioning the effects of the crisis on the private sector. The programme will increase the number of COVID-19 testing laboratories, train 45,000 health care workers in COVID-19 response, and aid in rolling out a risk-communication and community engagement strategy to raise awareness on transmission and prevention. The country’s health system remains weak, with only three hospital beds per 10,000 people. The package will assist in refurbishing 300 isolation centres, 34 treatment centres and 100 quarantine centres.


Radar

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a ma...


Radar

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000...


Radar

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. The company's network and services reached a population coverage of 46pc, growing from 30pc in the previous year. This expansion was supported by the addition of over 1,000 network sites, bringing the total to more than 3,000 across the country. Safaricom Ethiopia saw a surge in its customer base,...


Back
WhatsApp
Telegram
Email