Council of Minsters Approves Formation of Road Safety & Fund Service

Jan 22 , 2022


The Council of Ministers approved the establishment regulation of the Road Safety & Fund Service during a session last week. The Service is formed by the merger of the National Road Safety Council Office, the Insurance Fund Service and two directorates previously under the now-defunct Federal Transport Authority. The National Road Safety Council Office, established in 2011, is mandated to formulate national road safety strategies and assess existing standards. The Ministry of Transport & Logistics supervises both agencies. The new institution will be responsible for all road safety activities, vehicle and driving licensing standards among other mandates. A statement from the Office of the Prime Minister blamed the absence of a strong government institution that oversees road safety as one of the reasons behind road safety issues in the country. According to the former Federal Transport Authority, the cost associated with road accidents is estimated at an average of 80 million dollars a year.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email