Financial Institutions Usher in Research Centre

Mar 25 , 2023

Financial institutions commence a training and research centre with close to 35 million Br paid-up capital. The new hub is expected to create skilful employees in the financial sector to curb the competence issue leading to proficiency in the market. Nine banks, nine insurance companies, a microfinance institution and individuals in the financial services are the shareholders of the centre dubbed Capital Financial Excellency Centre. The opening ceremony held at the Hilton Hotel last week saw the attendance of Mamo Mihretu, governor of the National Bank of Ethiopia. Executives disclosed the new centre would make way for developing the capabilities of finance workers and uplift their competitiveness internationally. The financial sector has been operating under a financial repression framework used by the government for managing its monetary and foreign exchange policy and financing large infrastructure projects and state-owned enterprises. A World Bank report suggests that the framework has led to the build-up of large macro-financial imbalances, including fiscal dominance, pressures on inflation, the overvaluation of Birr, and a chronic shortage of foreign exchange.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...