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Gov't Receives $118m in AfDB Grants

Jul 24 , 2021

The Ethiopian government and the African Development Bank Group (AfDB) have signed an agreement for two separate grants worth 118 million dollars, aimed at supporting agro-industrial parks, Ethiopia-Djibouti power interconnection and youth employment. The agreement was signed by Ahmed Shide, minister of finance, and Abdul Kamara (PhD), deputy director-general of the AfDB's East Africa Regional Development & Business Delivery Office. Over half of the amount (71 million dollars) will be extended to the Ethiopia-Djibouti Second Power Interconnection Project, which aims to boost electricity trading between the neighbouring countries. The remaining 47 million dollars will go into the enhancement of productivity in agro-industrial parks and creating employment opportunities for the youth. Officials hope to create job opportunities for 3,000 jobs people through the project.

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New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of the bureau's office, the new audit quality assurance unit will seek to address gaps and malpractices that previously existed due to the absence of a similar body to verify tax audit decisions. He asserts that the unit's main goal is to re-audit decisions, verify their quality and relevance, and correc...

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Shipping Behemoth Beats Profit Target Despite Cargo Dip

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling 2,880,187tn of cargo, this represents a slight decrease compared to the same period in the previous fiscal year. The ESL attributed this dip primarily to global difficulties, notably Red Sea shipping disruptions. Despite these hurdles, the company reported exceeding its profit targets. Projecting...

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Customs Hits Revenue Target, Cracks Down on Smuggling

The Ethiopian Customs Commission announced that it has exceeded its revenue collection target for the first six months of the fiscal year. The Commission collected 203.75 billion Br, surpassing the planned 190.9 billion birr by 106.73pc, representing a 106.7 billion Br increase compared to the same period in the previous fiscal year. Commissioner Debele Kabeta noted that coordinated efforts with other institutions to prevent contraband contributed to the successful outcome, resulting in the seiz...

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