Ethiopia Garners $350m Developmental Aid

Jul 29 , 2023

World Bank pledges 400 million dollars in development financing to Ethiopia targetted at education, nutrition and rehabilitation of war-affected areas. The agreement was virtually signed between Minister Ahmed Shide and Country Director Ousmane Dione last week. According to the announcement made by the Ministry, the 50 million dollars is given in the form of credit while the rest is set aside as developmental aid. It was revealed recently that up to 20 billion dollars in financing would be required to rehabilitate the war-devastated regional state of Tigray alone while Ahmed indicated that significant foreign assistance would be required to return to a war economy while proposing next year's austere budget to parliament two months ago.


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...