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Ethiopia Secures $451m to Enhance Livelihoods

Dec 7 , 2019

The World Bank and the International Fund for Agricultural Development (IFAD) committed 451 million dollars to support projects intended to enhance the livelihoods of pastoralist and semi-pastoralist communities. To be implemented in six regional states, the projects are going to be jointly implemented by the Ministry of Peace and the Ministry of Agriculture in 100 weredas in Afar, Benshangula-Gumuz, Gambella, Oromia and SNNPR for the coming six years. The programme was launched on December 5, 2019, at Capital Hotel in Addis. The programme will implement projects in irrigation, livestock production, and other revenue-generating activities to benefit a total of 2.5 million people and 500 households among the pastoralist and semi-pastoralist communities living in the six regional states. The Ministry of Peace and the Ministry of Agriculture signed a memorandum of understanding to implement the projects jointly.

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Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay VAT a...

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World Bank Greases Financial Overhaul

The World Bank approved 700 million dollars in credit from the International Development Association (IDA) to scale up support for the financial sector. The funds are targeted at modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), supporting governance reforms, balance sheet restructuring, and recapitalization of the Commercial Bank of Ethiopia (CBE), and transforming the Development Bank of Ethiopia (DBE) into a sustainable development finance institutio...

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Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde Bulto,...

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