Germany Grants 74.3m Euros in Cooperation Agreement

Oct 26 , 2019

State Minister of Finance and Economic Cooperation Admasu Nebebe and Brita Wagner, ambassador of the Federal Republic of Germany in Ethiopia, signed a 74.3-million-euro financial and technical support agreement on October 23, 2019. The technical agreement will finance three projects with a total of 28 million euros, and the projects are going to be implemented through the technical arm of the German Development Cooperation Agency, GIZ. The projects will focus on special initiatives on “Training and Job Creation” including small and medium enterprise promotion, social and economic reintegration of refugees and returnees, and rehabilitation of those affected by conflicts in the country. The financial agreement accounting for 46.5 million euros will support two other projects, and they are going to be implemented in partnership with the International Organization for Migration (IOM) with the allocation of ten million euros. Separately, Germany pledged to fund 100 million euros to support the ongoing reform in Ethiopia.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...