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.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...