First Quarter External Loan Disbursement Dwindles

Dec 11 , 2021


[ssba-buttons]

The government received 137 million dollars in external loans over the first quarter of the fiscal year, down 37pc compared to the same period last year. The figure is also half of what was disbursed during the final quarter of 2020/21. The majority of the financing came from multilateral lenders including the African Development Bank (AfDB), African Development Fund (AfDF) and the World Bank, amounting to 131 million dollars. The balance was disbursed by bilateral creditors, mainly China. Over the same period of the previous fiscal year, multilateral creditors had disbursed 192 million dollars. The government has serviced over 600 million dollars of foreign debt over the first quarter, resulting in a 470 million dollar negative net transfer. The country's total outstanding external debt stands at close to 30 billion dollars. The government has requested debt restructuring under the IMF's common framework extended to low-income countries.


Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...