Diaspora Trust Fund Finances Five Projects

The Ethiopian Diaspora Trust Fund (EDTF) has pledged its first-ever grant for five projects with a total investment of close to nine million Birr.


Diaspora Trust Fund Finances Five Projects

The Ethiopian Diaspora Trust Fund (EDTF) has pledged its first-ever grant for five projects with a total investment of close to nine million Birr. More than 400 projects were tabled to the Fund, and 242 were found reviewable. After reviewing them, the experts pushed 67 fundable projects to the Board of Directors for consideration and approval. The Board shortlisted 22 projects and finally picked five. A total of four million dollars has been allocated for the 22 projects in the first round of funding. The minimum and maximum amount that will be granted for each project are approximately 200,000 dollars to 350,000 dollars. EDTF raised around 5.9 million dollars in funding from 25,755 donors from 93 countries. In June 2018, Prime Minister Abiy Ahmed (PhD) called on the diaspora community to contribute a dollar a day to fund social and developmental projects. Zemedeneh Nigatu, chairperson of Fairfax Africa Fund, says the EDTF has to make sure that its objectives are properly achieved. “The initiative shows that the diaspora community is willing to engage themselves in economic development,” said Zemedeneh.

[ssba-buttons]

Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...