Dashen Bank Grants Funding to Development Projects in Southwest

Sep 10 , 2022


Dashen Bank has granted five million Birr in funding towards development works in the country's youngest regional state. Over one million people in six zones of the Southern Regional State voted in favour of forming the country's 11th regional state, the Southwestern Regional State, during a referendum held in October last year. Last week, Dashen Bank availed 25 million Br in loans to businesses operating in the Gambella Regional State. The credit will be disbursed through Gambella Microfinance Institution. It is not the only one in the industry attempting to penetrate new markets through similar schemes. Last month, Awash Bank launched a programme dubbed “bridge” to reach out to underserved segments of the market through microfinance institutions (MFIs). The Bank has made 5.5 billion Br available in credit for small enterprises and farmers to be disbursed through MFIs in the coming three years.


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...