FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo



Corporation Gets New Deputy CEO

Jun 26 , 2021

[ssba-buttons]

The Ministry of Finance has named Mulualem Getahun as Deputy CEO of the newly-formed Liability & Asset Management Corporation. Mulualem has close to two decades of experience in finance and investment, including a stint at MIDROC Ethiopia and serving as Transport Director and then Deputy CEO of the Ethiopian Railway Corporation. The Council of Ministers approved a regulation to establish the Corporation in January 2021, and its main purpose is to soak up and administer the debts owed by state-owned enterprises (SOEs) to external lenders and the Commercial Bank of Ethiopia. The new Deputy CEO looks to have his work cut out for him as the Corporation will be in charge of administering residual debts worth over half a trillion Birr, the majority of which is owed by Ethiopian Electric Power. His former office, the Ethiopian Railway Corporation, owes 120 billion Br in debts while the former Metals & Engineering Corporation (MetEC) and the Sugar Corporation are on the line for around 70 billion Br each.

Radar

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...

Read more >>

Radar

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...

Read more >>

Radar

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...

Read more >>