Ethiopia-China Cooperation Committee Bridges the Gap to Rural Electrification

Oct 2 , 2023


With hopes of scaling up the solar power capacity through a special vehicle funding system, the Ethiopia-China Cooperation Committee has a discussion with the Ethiopian Investment Commission (EIC) officials on its Light Up Ethiopia Villages program. Deputy Commissioner Temesgen Tilahun expressed his commitment to the realisation of the project and implementation of the wider engagement. China has been Ethiopia's largest source of investment for decades in addition to its grants and loans for several government projects. Its investors play a pivotal role in creating job opportunities and transferring technology in the country most of them still involved in industrial parks. Led by the Committee president Betty Xu (PhD) the project aims to increase the business and investment of Chinese enterprises and build an all-round high-end service platform between the two countries.


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Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


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Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


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Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


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