Amhara Credit Association Cuts Regional State's Share

Sep 6 , 2020

The Amhara Credit & Saving Institution (ACSI) has reduced Amhara Regional State's share of its ownership by 28pc. The Institution, which initiated the move to join the banking industry last week, has decreased the ownership of the regional government to 70pc. This followed a directive issued two weeks ago by the National Bank of Ethiopia (NBE) allowing microfinance institutions to upgrade into full-fledged banks. The directive necessitated that the government's ownership in such microfinance institutions not exceed 70pc to be eligible for the change in its charter. The Institution, which has been licensed as a microfinance share company since April 1997, is undergoing preparations within the next three to six months to start providing banking services across its 53 branches. It has finalised preparations to offer training to its employees, facilitate service rendering offices and organise database centres as part of the pre-operational activity, according to Mekonnen Yelewumwossen, general manager of the microfinance organisation. ACSI is also investing 300 million Br in the installation of a data centre and a core banking system. Currently, there are 38 microfinance institutions in the country, accounting for 41.6 billion Br in mobilised savings deposits.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...