Ethiopia Gets Local Angel Investors

Sep 27 , 2020

Addis Abeba Angels Network, the first local angel investors group, has entered the scene to invest in high-risk ventures to build an ecosystem of start-ups. The Network is founded by Shem Asfaw, an investor operating in Canada, Ethiopia and Kenya; Addis Alemayehou, chairperson of  Kazana Group; and Henok Assefa, founder of Precise Consult. Adam Abate, CEO of Paga Ethiopia, Joseph Kibur, founder and CEO of Yaya Investments, and Levi Girma, cofounder at Nest Ventures, are also members. The new angel investors have completed the first investment in Across Express, a tech start-up that aspires to change the transport and logistics sector using technology. The company provides delivery services through designated drivers. It also plans to modernise the freight booking and fulfilment procedures for mid and long-distance trucks.


Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...