Foundation Pledges to Build Water Wells

Aug 17 , 2019

SMEC Foundation and the McKendrick Family donated 1.1 million Br to develop four wells in the Gobe District of Ethiopia. The projects will be built in four villages near schools and can provide potable water to 10,000 people. The fund is disbursed to Ethiopia from planned funding of 87,500 dollars in support of in India, Guinea and Bangladesh. SMEC Foundation was established in 2001, and since then it has financed 234 projects worth 1.6 million dollars in different countries. The Foundation provides small-scale grant support to development projects, communities and charities around the world. Its support extends across a range of projects with a particular focus on health, education, environment, community development and emergency relief.  


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...