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.


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Parliament Overhauls Three Key Sectors

Parliament approved two key proclamations last week seeking to strengthen the justice system and civil registration processes. The first re-establishes the Federal Justice & Legal Institute under the Federal Supreme Court. The Institute will provide mandatory training for law graduates and professional development for judges, aiming to improve the competence and efficiency of legal professionals. Parliamentarians emphasized the importance of centralized pre-service training for all justice p...


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CBE Hits Deposits Record

The Commercial Bank of Ethiopia (CBE) achieved a record 303 billion Br in deposits in the first seven months of the budget year—the largest deposit amount in the Bank's history. Total deposits now sit at over 1.4 trillion Br. The CBE attained 147.6pc of forecasts and now accounts for 58.3pc of the sector's total. The total amount of loans provided by the Bank has reached over 1.3 trillion Br, with 88pc of the 153.32 billion Br in loans disbursed by the mid-budget year going to the private s...


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Revenue Bureau Cracks Down on Alleged Tax Evaders

Addis Abeba Revenue Bureau introduced a debt tracking system that would trace tax evaders. As a result, five vehicles were seized and sold to recover tax debts, generating 10.9 million Br. Currently, 13 additional vehicles and one residential property are in the process of being auctioned. In collaboration with the Financial Intelligence Service (FIS), the Bureau has been tracking taxpayers who try to escape the tax net. The Bureau has also announced that the deadline for submitting req...