Dashen Rolls Out Job Creation Plan

Dec 28 , 2019


Dashen Bank announced a 100-million-Br job creation scheme dubbed the Ethiopian Talent Power Series programme. The initiative aims to create jobs by providing financial aid to talented individuals and reduce the unemployment rate. The initiative was launched on December 26, 2019, at Intercontinental Addis Hotel with the presence of Mamo Mihretu, senior advisor to the Prime Minister, Asfaw Alemu, CEO of Dashen Bank, and Yihenalem Akenaw, Dashen's chief transformation and customer experience officer. The project also aims to build the capacity of medium and small-scale enterprises, finance higher education programmes, aid the formation of business networks and finance trade chains. The project will be implemented in six selected cities in the current fiscal year. As part of the recent Homegrown Economic Reform Agenda, the government plans to create three million national jobs in the current fiscal year. The jobs will be mainly created in the private sector. The 23-year-old bank netted a profit of over one billion Br in the last fiscal year with 413 branches. It also accumulated assets of 56.2 billion Br and increased its capital to 5.5 billion Br.


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