Finance Ministry Signals Energy Reforms

Feb 10 , 2024


Unmet energy demand prompted discussion on the necessary structural and regulatory reforms for improved access between the World Bank and representatives of the Ethiopian government last week. Minister of Finance Ahmed Shide emphasized the need to steer the country towards a greater reliance on sustainable energy sources during the meeting held at the Hilton Hotel on Menelik II Ave. He expressed gratitude to the World Bank for the long list of projects it currently finances and expressed his hopes for continued support as the country begins implementing the second Home-Grown Economic Reform. An initiative to expand electric access in the country, the Access to Distributed Electricity & Lighting in Ethiopia (ADELE), was financed by the World Bank, with 500 million dollars in 2021 in addition to the Ethiopian Electrification Projection (ELEAP) for 375 million dollars in 2018. Representatives from the Ministry of Water & Energy, Ethiopian Electric Power, Ethiopian Electric Utility and Ethiopian Investment Holdings acknowledged the need to utilize the country's natural resources for a greater energy supply. The EEU's performance report last year indicates that a mere 4.4 million households in the country had formal access to the electric grid, averaging a little over 200,000 new customers each year.


Radar

Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


Radar

AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Radar

Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...


Back
WhatsApp
Telegram
Email