Business Incubator Launches 5.5m Euro Project

Oct 15 , 2022


BIC Ethiopia launched a business incubator to be carried out in the next four years with 5.5 million euros, of which the European Union funds 90pc. Business Incubator Community Ethiopia - BIC Ethiopia - was officially launched last week with the presence of officials from the Ministry of Labour & Skills, Innovation & Technology, and delegates from the European Union (EU). BIC Ethiopia aspires to help start-ups and small businesses in the agri-tech sector, improving market access through capacity building, market access, and training.  Through financial and technical support, the project seeks to facilitate 15 business incubators, 700 start-ups, and 500 small businesses in four years. It wants to train 2,760 entrepreneurs. The project is expected to create 2,500 new jobs. The incubator capacity development program, the establishment of agri-tech and agri-business incubators, financing facility offers, and a holistic communication strategy outputs to be delivered through the project. BIC Ethiopia will implement the program, partnering with the Addis Abeba Chamber of Commerce & Industry, icehawassa, an incubation centre in Hawassa, Sidama Regional State, Growth Africa, and two non for profit organizations based in Europe: Menschen für Menschen and Adelphi gGmbH.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...