Ahadu Bank Navigates Inaugural Year

Dec 2 , 2023

Ahadu Bank sustained a 267 million Br loss in its first year of operation through its 75 freshly opened branches. The Bank managed to mobilise 2.03 billion Br in deposits while disbursing 924.6 million Br in loans and advances during its inaugural year, marked by service provision to 201,000 new customers. President of the Bank Sefialem Liben told Fortune the extent of loss is lower than expected as new entrants. The Bank was able to generate 21.6 million dollars from remittances, exports and other foreign currency-generating activities. Ahadu's total assets stand at 3.1 billion Br while its paid-up capital has risen to 673 million Br. Board Chairman Anteneh Sebsibe expressed a sense of trepidation about the looming pressure imposed by the credit growth cap of 14pc while addressing shareholders during the general assembly at Millennium Hall last week.


Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...