Council of Ministers Approves $1B Loan Agreement

Jul 3 , 2021


[ssba-buttons]

The Council of Ministers has approved four loan agreements worth 1.1 billion dollars. The loans are being provided by the International Development Association with a repayment period of 38 years and no interest, where the institution only takes 0.75pc as a service charge. The funding is to be funneled into four projects. The first is the expansion of access to electricity, particularly to increase power supply to rural residents, social welfare institutions, and enterprises, with a budget of 500 million dollars. The second project, with a budget of 250 million dollars, focuses on improving the provision of basic services and strengthening systems of accountability. An initiative to be implemented by the Development Bank of Ethiopia (DBE) aiming to strengthen the financial capacity of small and medium enterprises with a budget of 180 million dollars is the third project. The fourth is expected to go towards enhancing the digital economy and digitising government services with a budget of 130 million dollars.


Radar

Fresh Push to Help Farmers Get Covered & Cash In

The Ministry of Agriculture has established the Rural Finance Service Unit (RFSU) to coordinate and expand agricultural insurance nationwide. Announced on Tuesday at the 2025 UNDP Financial Resilience in Agriculture Community of Practice forum (held at the UN Economic Commission for Africa headquarters), the RFSU is supported by UNDP, JICA, and other partners with funding from the Bill & Melinda Gates Foundation. Agriculture Minister Girma Amente (PhD) and State Minister Sofia Kassa attended...


Radar

Mission 300 Gains Momentum as Ethiopia Charts Path to Energy Equity

The Government has developed a National Energy Compact with the goal of achieving universal electricity access by 2030. The strategy, led by the Ministry of Water & Energy (MoWE), outlines Ethiopia's commitment to reaching 100pc energy access for its population within the next five years. According to State Minister for Energy Development Sector Sultan Woli, the compact was prepared in collaboration with key development partners, including the World Bank Group and the African Development...


Radar

Rammis Bank Commences Mobile Application, Card Banking Services

Rammis Bank has launched its mobile banking application and card services as part of its digital expansion drive. The "Rammis Mobile App" was officially introduced during a launch event held on Saturday at the Grand Eliana Hotel. The app allows users to transfer funds at any time, pay bills, top up mobile airtime, and send money to telebirr wallets for themselves or others. The newly introduced card service enables customers to withdraw cash from any ATM and make payments via Point of Sale (P...