FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds



African Development Bank Obtain $90m Project to Support Agricultural Efforts


African Development Bank Obtain $90m Project to Support Agricultural Efforts

The production of wheat through an irrigation scheme foresees support as the Africa Development Bank plans to intervene in the agricultural sector with a 92-million-dollar project which is expected to increase private sector engagement, creating job opportunities for the youth in the selected areas. Planned discourse in a meeting that saw the attendance of Semereta Sewasew, state minister for Finance, Pascal Sanginga (PhD), head of the East African Development Bank division for agriculture and Lanchen Ennali, chairman of OCP Group, a leading phosphate producer, occurred. Semerta briefed the current opportunities and challenges of wheat production, one of the main staple grains vital for food security and income generation of smallholder farmers. She also pointed out the work done to improve productivity and quality of production through improved seeds, fertilizers, irrigation, mechanization, extension services, and market linkages. Pascal assures the continuity of African Development Bank aid in the second compact program, which sought to augment food security endeavours in the continent. Lanchen also pledged to extend support to the newly initiated project to foster agricultural productivity and reduction of poverty and malnutrition. The African Development Bank was established in 1964 to finance African countries' economic growth and social progress efforts. It has extended finance for development projects in agriculture, energy and construction.

[ssba-buttons]

Radar

Federal Prosecutors Accuse Public Officials, Contractors of Corruption, Alleged Illicit Fund Transfers

Federal prosecutors have filed corruption and money laundering charges against 11 defendants, including Nigstu Bogale, Coordinator of the Development Project for Response to the Impact of Refugees in the Horn of Africa at the Ministry of Agriculture, Biniyam Fantaye and Taye Habte, senior irrigation engineers involved in the Development Response to Displacement Impacts Project (DRDIP-II), as well as private individuals and construction company representatives. The case alleges losses and illicit...


Radar

EIH Transitions to New Headquarters as It Oversees Major State-Owned Enterprises

Ethiopian Investment Holdings (EIH) is relocating its headquarters from its current site on General Wingate Street. The former headquarters was located behind the Ministry of Industry and near Abrehot Library. The new office is expected to be on Mozambique Street, along the route from Mexico Square to Bulgaria Road. The building belongs to one of EIH's subsidiaries, and all departments are set to move there as interior design and finishing works continue. Under the leadership of Brook Taye...


Radar

Import Substitution Push Lifts Domestic Manufacturing, Industrial Recovery

A push for import substitution and industrial expansion has prioritised 96 strategic products for local manufacturing. The “Ethiopia Tamirt” initiative reports 4.85 billion dollars in savings, supported by trade fairs linking local producers to domestic and international markets. On average, 700 new projects enter the market annually, contributing to more than 2,800 investments over four years. At the grassroots level, 18,000 SMEs have been established, while 993 dormant factories have...