Hijra Open for Business

Sep 4 , 2021

The country's second full-fledged interest-free bank opened its doors on September 4, 2021, at its head office in the Bole Olympia neighbourhood on Democratic Republic of Congo Street. The Bank acquired the property, which lies on 3,000sqm of land, for 130 million Br in April this year, and plans to open 11 additional branches across Addis Abeba and elsewhere in the coming months. Hijra is starting operations with 700 million Br in paid-up capital of 1.2 billion Br subscribed from 10,000 shareholders, following in the footsteps of ZamZam Bank, which began operating a few months ago. Last month, Hijra inked a deal with Path Solutions, a sharia-compliant banking solution provider operating in several countries across the world, to acquire a core banking platform.


Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...