Central Bank Exempts Petroleum Suppliers from Loan Freeze

Oct 30 , 2021

Regulators at the central bank have exempted petroleum suppliers from the freeze on collateralised loans imposed in August 2021. The exemption comes following an appeal from the Ethiopian Petroleum Supply Enterprise, which notified central bank officials that the freeze is impacting the country's oil supply. Petroleum dealers are not part of the exemption, but suppliers including NOC, Oil Libya and TotalEnergies will benefit. The suppliers are the latest to receive relief from the freeze. The central bank has allowed players in the coffee and sesame industries, buyer of banks' foreclosed properties, and bank employees to resume taking collateralised loans since it imposed the freeze.


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...