GERD to Start Early Generation in June

Nov 28 , 2020

The Grand Ethiopian Renaissance Dam (GERD) will start early generation next June, according to Seleshi Bekele (PhD), minister of Water, Irrigation & Energy. Started a decade ago, the construction of the Dam has reached over 70pc of completion, and the first water filling was finalised in July of this year. The Dam, which has a capacity of producing 5,150MW of energy, was scheduled to be completed in five phases: a contract signing that was meant to be finalised during the first quarter of 2011; impounding that should have been started in the second quarter of 2013; early generation, scheduled to have been launched in the third quarter of 2014; completion of civil work, which was planned to be concluded in 2016; while full completion was scheduled for mid-2017. The latest round of tripartite negotiations between Ethiopia, Sudan and Egypt was held two weeks ago. Ethiopia finalised the first water filling before the negotiations between the three countries concluded.


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...