Germany Pledges 10m Grant in Leap of Faith

Jun 1 , 2024


[ssba-buttons]

Germany has pledged a 10 million euro grant to the Horn of Africa Initiative (HoAI) to promote development and integration in the region. The grant is designed to enhance the Initiative's aspirations in improving infrastructure, promoting trade, and building social cohesion. The HoAI was chaired by Ethiopia's Finance Minister Ahmed Shedie, figures including Djibouti's Finance Minister Ilyas Moussa Dawaleh; Somalia's Finance Minister Bihi Iman Egeh; Kenya's Treasury Cabinet Secretary, Njuguna Ndung’u (PhD); and IGAD’s Chairperson Workneh Gebeyehu (PhD), as well as representatives from Germany, the UK, and the EU attended. "This gathering shows the full strength and convening power of this Initiative," said the German representative, speaking during a ministerial meeting of the countries, which took place on the sidelines of the AfDB annual meetings opened in Nairobi, Kenya, last week.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...