Ethiopian Electric Utility Amasses 11b Br

Aug 29 , 2020


[ssba-buttons]

Ethiopian Electric Utilities (EEU), a government agency in charge of power distribution, has generated 11.1 billion Br in revenues during the past fiscal year from energy bills. The agency was able to achieve 80pc of the target for the year. Out of total revenues, 60pc will be paid to Ethiopian Electric Power, which is in charge of power generation. It also generated 3.9 billion Br from electric power installation and maintenance, a sharp fall from its target of 11.3 billion Br. Property disposal brought in 19.3 million Br. During the year, the EEU has restructured itself into 28 districts, 554 services and 5,835 satellite centres. The institution also revamped its management structure by decentralising and upgrading its regional directors to executives through its Enterprise Resource Planning Project (ERP). The ERP has also connected its systems with the Commercial Bank of Ethiopia to set up an e-payment system for its customers. The system covered 325 new rural towns and was registered to 168,571 customers. For the current fiscal year, EEU intends to generate 16.5 billion Br from energy billing, eight billion Birr from other sources and 1.1 billion Br from service fees. Property disposal is also expected to generate 140 million Br.


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...