Authorties Pledge for Change as Climate Risks Surge


A key theme for climate-informed investments in crucial sectors like construction, energy, water, transportation, and agriculture was discussed last week, at the Hyatt Regency. It brought together stakeholders from the Ethiopian Association for Civil Engineers (EACE) and the United Nations Office for Project Services (UNOPS) to address an issue centred on building a climate-resilient infrastructure. The discussions revolved around how Ethiopia can adapt to and recover from climate-induced disruptions. Seid Nuru, advisor to the Ethiopian Construction Works Corporation, said the previously overlooked economic impact of climate change, including frequent droughts and reduced rainfall, poses a threat to development. Private sector involvement in building and financing low-carbon infrastructure projects that can withstand climate challenges were raised while promoting renewable energy sources. A recent World Bank report estimates that climate change could reduce Ethiopia's GDP by 1-1.5pc annually. The report also suggests that Ethiopia requires over 27 billion dollars by 2050 to meet its climate resilience goals. Anne-Claire Howard, procurement group director at UNOPS, toughed on green procurement policies that promote the efficient use of energy, materials, and natural resources, focusing on recyclable materials.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email