Ethiopia, South Korea Ink $93m Loan Deal

Apr 4 , 2020


[ssba-buttons]

Ethiopia has signed two loan agreements with the Export-Import Bank of Korea to borrow 93 million dollars. The loan will be dedicated to the establishment of the Addis Abeba Bus Rapid Transit and Land Information Management System projects. Admasu Nebebe, state minister for Finance, and Shin Deog-Young, senior executive at the Bank, signed the agreement on April 1, 2020. The first loan, which amounts to 63 million dollars, is committed to improving the mobility and accessibility of commuters using public transportation, reducing the social cost incurred by traffic congestion and accidents, and improving the health of the atmosphere. The project is expected to be completed within five years. The second loan, worth 30 million dollars, is dedicated to decreasing social conflicts by constructing and managing accurate land information, improving tax collection based on exact data of land ownership, and improving land administration services for the five largest cities in the country. The project is planned to be completed within six years.


Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...