Donors Pledge $1.4b for Drought Response

Apr 30 , 2022


Donors have pledged 1.39 billion dollars for humanitarian and development response to the drought in the Horn of Africa that has left more than 15 million people severely food insecure across Ethiopia, Kenya and Somalia. It is the region’s worst drought in 40 years. The US government has pledged over 200 million dollars in assistance through the US Agency for International Development (USAID) and the Department of State to provide emergency food assistance to millions of people struggling to meet basic food, water, agriculture, and livestock needs amid the unprecedented drought in the region. The Canadian government says it will provide over 73 million dollars. Pastoralists and farmers in Somali, Oromia and Southern regional states – the areas affected most in Ethiopia – have lost more than 1.5 million heads of livestock to the drought thus far.


Radar

Fitch Downgrades Lemmi National Cement Investor

Fitch Ratings has lowered West China Cement Limited's (WCC) credit rating due to concerns over its financial health and operating environment in Ethiopia. The company's Long-Term Issuer Default Rating has been downgraded to 'B-' from 'B+', and its senior unsecured rating has been reduced to 'CCC+'. WCC's free cash flow is expected to remain negative in 2024, primarily due to high capital expenditures and challenges in generating sufficient revenue. The company faces significant operating risk...


Radar

Ethiopia Seals Currency Swap Deal with China

Ethiopia and China have agreed to use their respective currencies for bilateral trade, a move aimed at enhancing economic cooperation and addressing foreign exchange challenges. The announcement was made by Ethiopian Finance Minister Ahmed Shide following the recent Forum on China-Africa Cooperation (FOCAC) meeting in Beijing. He revealed that the central banks of both countries are finalizing the details of the currency swap agreement, similar to the one Ethiopia signed with the United Arab...


Radar

USAID Launches National Youth SACCOs

The United States Agency for International Development (USAID) Integrated Youth Activity (IYA), Kefeta, has reached a milestone in its youth empowerment efforts. The Amref Health Africa-led project has successfully established youth-owned and managed Savings and Credit Cooperatives (SACCOs) in 18 cities. The Kefeta Youth SACCO, now operational on a national scale, has already garnered substantial membership and savings. With over 7,800 members, 38,900 shares sold, and nearly 60 million Br in...


Back
WhatsApp
Telegram
Email