EU Renews National, Continental Commitment

Apr 15 , 2024


[ssba-buttons]

European Union delegation pledges continued humanitarian aid, strong trade ties, and support for major infrastructure projects in Ethiopia, during a press conference held at its headquarters on Cape Verde Road. The announcement comes in light of Hope Day celebrations held on May 9th, which marks a significant step towards the formation of the Union 71 years ago. Outgoing EU Ambassador to Ethiopia, Roland Kobia, put forth a historical context of the Union's formation in post-World War II Europe, emphasising peace as the cornerstone of development. He asserted the Union's willingness to assist in resolving conflicts in several parts of Ethiopia and plans to reinstate budgetary support, conditional on reforms to the macroeconomic policy framework. EU is the largest contributor to the African Union (AU), providing approximately 40pc of the annual budget exceeding 600 million dollars. Niño Pérez, EU Ambassador to the AU, reiterated the commitment to Africa's continued development by strengthening economic and political ties.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...