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Foreign Policy of South Korea Eyes Africa

Foreign Policy of South Korea Eyes Africa

The Republic of Korea prepares to host the first Korea-Africa Summit in 2024. Jang Sungamin, senior secretary for future strategy, has made an upturn in Addis Abeba amidst the 36th African Union summit giving emphasis on the foreign policy eyeing Africa. Using the "teach a man to fish you will feed him for a lifetime" analogy Jang stated that South Korea has mastered the technique and wants to share it with Africa. Korea has been providing the highest a month of Offical Development Assistance (ODA) to Ethiopia than any other African country, including 168 million dollars for 26 projects in water management, health, rural development, transportation, and education since 1991. Ethiopia receives a large number of loans from South Korea. In 2019, Korean Exim Bank provided 264 million dollars as a loan of which 170 million dollars for national electricity projects.

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Digital Heights for Coop Bank, Profits Dip

The Cooperative Bank of Oromia (CBO) announced that a total transaction volume of 1.36 trillion Br was made through 489.5 million transactions on its digital platform, Coopay E-Birr. Fuel payment transactions alone reached 1.15 billion Br across 105,500 transactions. The platform added 8,959 agents, 32,840 merchants, and 3.85 million new subscribers in the year. However, at 2.51 billion Br, the Bank's gross profit before tax declined by 26pc from last year's 3.39 billion Br. Board Chai...

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AI-Powered, Sharia-compliant Digital Financing for MSMEs, Consumers Debuts

ZamZam Bank, in partnership with Kifiya Financial Technology, has launched a Sharia-compliant digital financing service, "Ansar Digital Financing". The service, which the Bank asserts is Ethiopia's first, aims to transform access to financial services for micro, small, and medium enterprises (MSMEs), particularly women and informal sector workers. The announcement was made during a formal launch event held at the Haile Grand Hotel last week. Melika Bedri, president of ZamZam Bank, stated that...

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Local, International Firms Cooperate to Bridge Skill Mismatch

In a bid to address the pervasive skill mismatch, Geez Education & Training Plc (GET) has allied with International financial and management institutions to bridge the gap. Three international institutions, the Global Academy of Finance & Management (GAFM), the American Academy of Project Management (AAPM), and California State University, Dominguez Hills (CSUDH), have entered into a cooperation with GET at an event held last week at Skylight Hotel. Officials believe the move will con...

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