Ethiopia Cedes Stake in Berbera Port

Jun 11 , 2022

The federal government has lost a 19pc stake in the Berbera Multi-Purpose Port, according to Somaliland officials. It effectively voids the terms of a deal struck in 2017 between the government, DP World, and the Somaliland Port Authority. The government of Somaliland, a self-declared state, owns a 30pc stake in the Port, while DP World accounts for the majority 51pc. Somaliland officials say the Port will still be available to serve as an alternative to ports in Djibouti. DP World Berbera, a joint venture company, will serve landlocked countries in the Horn of Africa such as Ethiopia, which ferries 13.5 million tonnes of imports and 1.8 million tonnes of export cargo annually through ports in Djibouti, representing nearly all trade shipments of the country.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...