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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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Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...

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NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...

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Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...

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