AfDB Blesses Free Trade Area with $300m

Jul 27 , 2019

The Board of Directors of the African Development Bank approved 300 million dollars in support for the Eastern, Southern African Trade & Development Bank (TDB) this month. The financial support comes on the heels of the African Continental Free Trade Area (AfCFTA) agreement, which came into force in July 2019. The COMESA regional trade and project finance package consists of composite funded trade finance and project finance facilities, and an unfunded trade finance risk participation agreement. The project finance component will facilitate the delivery of export-oriented infrastructure, which will promote regional trade within the COMESA region, according to the statement from the Bank. It will benefit no less than 43 financial institutions operating in over 15 regional member countries, catalysing up to two billion dollars worth of trade over the three-year period. With a balance sheet size of 5.6 billion dollars as of December 2018, TDB has 22 countries in East, North and Southern Africa as well as two non-regional countries as shareholders.


Pivots in Business Maze

A set of projects spearheaded as part of ease of doing business reform with a 7.2 million euro finance from the European Union (EU) is set to improve and navigate the lingering concerns in Ethiopia's business landscape. E-governance projects are undertaken by GIZ International Services and Mckinsey & Company in cooperation with five federal agencies, including the Justice, Trade,  Innovation, Revenues ministries and National Bank of Ethiopia (NBE) are part of the wider plan to improve the d...


Dashen Bank Board Reinstates its Chair

Dashen Bank re-appoints Dula Mekonnen as its Board Chairman, extending his tenure for another three years. The decision was made during a board of directors meeting held at the Sheraton Addis Hotel last week. Dula holds a first degree in electrical engineering from the Adama Science & Technology University and a graduate degree in business management. With a diverse leadership background spanning three decades, Dula has served as a manager at Ethio-Leather Industry Plc and managed Wenji S...


Digital Fuel Transactions Soar Amid Subsidy Drop

Nationwide digital fuel transactions have exceeded the 155.4 billion Br mark, as the Ethiopian Petroleum & Energy Authority released a half-year report last week. Consistent reductions in fuel subsidies have led to the fuel price stabilisation fund hitting an all-time low of 117.4 billion Br, a decrease of 79.6 billion compared to the previous year. The report highlights the successful monitoring of subsidies across the country's 1,589 fuel stations, benefiting nearly 200,000 transporters...