Health Ministry Receives Additional Support


The Ministry of Health has acquired a batch of medical equipment to aid the response to the Novel Coronavirus (COVID-19) pandemic from international and local donors. Personal protective equipment (PPE), IR thermometers and hand sanitiser were provided by Engender Health, a nonprofit organisation based in Washington, DC, active in women's health, as well as sexual and reproductive health. The donation is worth 15.5 million Br. An additional 100,000 testing kits were also presented by ByteDance, a Chinese social media company that owns TikTok. The handover ceremony was attended by the ambassador of China to Ethiopia, Tan Jian. The Ministry also received 1.1 million Br worth of PPE, IR thermometers and hand sanitiser from Direct AID Society, a voluntary non-governmental organisation working on development projects. The Lions Club International Foundation, for its part, donated half a million Birr worth of isolation gowns.


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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...


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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...


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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...


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