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AfDB Pledges 830,000 dollars to Improve Climate Resilience

Jun 4 , 2022

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Ethiopia will receive 830,000 dollars in grants from the African Development Bank (AfDB) to be used for climate risk management. The fund came from the Climate Investment Funds’ Pilot Program for Climate Resilience. The agreement was signed on the sidelines of the African Development Bank’s annual conference held in Accra, Ghana, where Semereta Sewasew, state minister for Finance, led the Ethiopian delegation. During the conference, the AfDB hailed its technologies for African Agriculture Transformation (TAAT) programme, under which heat-tolerant wheat varieties were provided to 1.8 million farmers. The programme is credited for raising wheat production by 2.7 million tonnes.

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Amendment Expands Access for Foreign Traders

Foreign participation in Ethiopia's wholesale, retail, import, and export trade sectors has come under renewed focus as the Ethiopian Investment Board(EIB) approved a significant amendment to Directive No. 1001/2016  in its meeting on May 23, 2025. The amendment, proposed by the Ethiopian Investment Commission(EIC), focuses on refining the legal framework governing foreign investment in these sectors. The decision is part of a broader strategy to enhance the country's appeal as an investment...

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NBE Sets Four Percent Ceiling on Foreign Exchange Fees

The National Bank of Ethiopia (NBE) issued a new foreign exchange market directive on May 20, 2025, that caps commercial banks' forex service fees at a maximum of four percent. Banks are instructed to adapt competitive, transparent, and streamlined pricing for all forex-related services. Effective May 26, 2025, total charges for purchasing foreign exchange whether for imports, service payments, or cash note purchases must not exceed the newly set limit. The directive also prohibits banks f...

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SantimPay Launches Zero-fee Digital Remittance Platform

SantimPay has rolled out FrankRemit, first fully integrated, zero-fee digital remittance platform, in partnership with Bank of Abyssinia(BOA). The service smoothly connects all commercial banks and major mobile money providers, including Telebirr, M-Pesa, and CBE Birr which is a first of its kind in the country. FrankRemit is expected to revolutionise how the Ethiopian diaspora sends money home. Developed locally and tested over the past two weeks with successful transfers from multiple count...

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