Four Firms Secure Deal to Electrify Rural Towns

Jun 1 , 2019


[ssba-buttons]

The government hired three Chinese and one Spanish firm for 12 small-scale solar energy development projects. The companies, hired by the Ethiopian Electric Utility, will be electrifying 67,700 rural homes in all parts of the country. The projects will be built in three areas of Oromia Regional State, two areas in Amhara and Southern Nations & Nationalities Peoples’ regional states each, and one each in Somali, Tigray, Afar, Benishangul Gumuz and Gambella regional states. The projects are jointly financed by the World Bank and the government of Ethiopia, which raised 8.5 million dollars and 59.6 million Br, respectively. About 25 projects are in the design phase, and the African Development Bank (AfDB) has approved 15 million dollars in loans and 100 million dollars in credit grants for these projects. The World Bank Group approved 400 million dollars of credit grants for solar power development projects. The World Bank has also provided loans and grants worth 375 million dollars for the first phase of the National Electrification Program launched in 2017, aimed at both integrated grid and off-grid electricity access with the latter to comprise 35pc by 2025.


Radar

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...


Radar

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...


Radar

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...