Ethiopia, Korea EXIM Bank Sign $70m Loan

Ethiopia and the EXIM Bank of Korea have signed a 70-million-dollar loan agreement that will be used to cover costs related to Novel Coronavirus (COVID-19). The loan agreement was signed between Ahmed Shide, minister of Finance, and Bang Moon, president of EXIM Bank of Korea. From the total value, 40 million dollars will be used to fill the budget deficit Ethiopia may encounter due to the expenses the government has accumulated in fighting the virus. The remaining funds will be used for the procurement of medical equipment that will be used for the prevention and treatment of COVID-19. The concessional loan the two countries have signed will be paid over a longer period of time, according to a statement from the Ministry of Finance.


ZamZam Bank Joins Commodity Exchange Payment System

The pioneering full-fledged interest-free commercial bank, ZamZam Bank, has become the 24th financial institution to join the Ethiopian Commodity Exchange's (ECX) payment system. CEO of the Exchange Wendemagegnehu Negera signed the deal with the President of the Bank Melika Bedri last week. According to the CEO, joining the platform which has around 11,000 accounts registered and has transacted over 386 billion Br so far, will allow a reliable mechanism whereby traders can be certain that pay...


AfDB, ADF to Chart Transformation Path at Diamond Jubilee

The African Development Bank (AfDB) and the African Development Fund (ADF) are gearing up for a major joint meeting in Nairobi, Kenya, expected to draw around 4,000 participants. The event, taking place at the Kenyatta International Conference Centre in late May, will focus on "Africa's Transformation," a theme reflecting the continent's ongoing pursuit of economic and social development. "Despite progress over the years, Africa's transformation remains incomplete," said Vincent O. Nmehielle...


Big Art Sale Returns to Addis

The annual Big Art Sale returns to Addis Abeba this weekend. Over 100 artists are expected to showcase their original works and prints at the Hilton Addis. What's Out Addis in partnership with the Hilton Hotel is behind the event that showcases the works of over 100 artists. Big Art Sale has been around for the past 18 years showcasing paints and prints. According to organisers, it offers a chance to meet the artists and enjoy a variety of art forms with a dedicated Kids' Corner and food and...