AfDB Commits $15m for Agro-Industry

Dec 19 , 2018

The African Development Bank and Ministry of Finance signed a 15-million-dollar grant agreement aimed at financing agro-industrial activities. The project will be implemented through the integrated Agro-Industrial Parks Support Project. The agreement was signed between Ahmed Shide, minister of Finance, and Abdul Kamara (PhD), country manager of the Bank. The grant will benefit agro-industrial parks located in the four regional states of Amhara, Oromia, SNNPR and Tigray. The project will strengthen the agro-industrial linkage with producers and small and medium enterprises with strategic industrial centres, according to Ahmed. A month ago the parties signed a 123-million-dollar grant agreement for the support of basic services in health, education, water and sanitation services.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...