African Ministers Call for $100b Support


[ssba-buttons]

The African Ministers of Finance have called for 100 billion dollars in support to halt the spread of the Novel Coronavirus (COVID-19) pandemic throughout the continent. Out of that amount, 44 billion dollars will go toward debt relief for all African countries, according to their plea. The ministers warned during a video meeting that the COVID-19 crisis is deep and that recovery will take a long time. In their meeting, the ministers focused on several main issues, including the health and humanitarian crisis; the need for debt relief and fiscal stimulus for all countries; liquidity relief to the private sector and in particular the service sectors, especially tourism, airlines and small  and micro enterprises. The ministers specifically called on the International Monetary Fund (IMF) to support the need for additional resources, recognising that the IMF plans to double access under its emergency financing facilities. Algeria, Egypt and South Africa are the three countries most affected by the spread of the virus so far. The Ministers also suggested that if the crisis were to continue, an additional 50 billion dollars may be needed for the recovery process in 2021 in anticipation of interest payments.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...