Ethiopia Bolsters Resilience with African Risk Capacity Treaty

Oct 28 , 2023

A treaty to enable preparation, planning and response to extreme weather events and natural disasters was signed with the African Union Agency and African Risk Capacity Insurance (ARC). The ceremony was attended by State Minister for Finance Semereta Sewasew and AU representative Mohamed Salem Boukhari along with officials of the Agricultural Transformation Institue (ATI) at the halls of the Ministry of Foreign Affairs. ARC specialises in enabling countries to enhance their disaster risk management system to prevent damage to food security in vulnerable populations. It is expected to provide Ethiopia with predictable and rapid financing for early response to cope with emergency disaster events caused by floods. Over 110 million people in the continent were affected by climate and related issues in 2022. It has caused more than 8.5 billion dollars in economic damages. Mesganu Arega, State Minister for Foreign Affairs, hopes for further partnerships with the Insurance to respond to national emergencies requiring immediate involvement and financial intervention. Since its inception in 2012, ARC has provided coverage worth 660 million dollars to insure 72 million vulnerable people in member states and paid out 65 million dollars in claims.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...