Four Firms Secure Deal to Electrify Rural Towns

Jun 1 , 2019


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

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email