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Authority Inaugurates Second Toll Road

Jun 22 , 2019

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The Dire Dawa-Dewele toll road project, which cost 5.2 billion Br, was inaugurated on June 16, 2019. About 85pc of the construction was financed through a loan obtained from the Export-Import Bank of China, and the remaining sum was funded by the government. The 220Km road is the second toll road in Ethiopia after the Addis-Adama Expressway. The old Dire Dawa-Dewele road was a gravel road that disrupted transportation due to frequent damage caused by floods and landslides. The new expressway will reduce traveling time from ten to four hours. The new expressway is expected to serve 438,000 vehicles and expected to collect 90 million Br in 2020.

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Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...

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NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...

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Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...

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