HUMANITARIAN DAY

Aeneas Chuma (left), UN resident and humanitarian coordinator, and Zeynu Jemal (centre), state minister of Peace, attend a reception celebrating the 2019 Humanitarian Day at Capital Hotel in Addis Abeba on August 19, 2019.


HUMANITARIAN DAY

Aeneas Chuma (left), UN resident and humanitarian coordinator, and Zeynu Jemal (centre), state minister of Peace, attend a reception celebrating the 2019 Humanitarian Day at Capital Hotel in Addis Abeba on August 19, 2019. World Humanitarian Day was inaugurated in August 2008 following the August 19, 2003, terrorist attack on the United Nations Office in Baghdad that killed 22 people. The day is dedicated to advocating for the safety and security of humanitarian aid workers, and the survival, wellbeing and dignity of people affected by crises. This year’s theme was dedicated to celebrating the strength, heart and perseverance of women.


Radar

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...


Radar

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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