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.


Radar

Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


Radar

Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...


Radar

Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...


Back
WhatsApp
Telegram
Email