FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo



IFAD, EU Pledge 26.5m euros to Rural Project

May 29 , 2021

[ssba-buttons]

The International Fund for Agricultural Development (IFAD) and the European Union (EU) have committed to 26.5 million euros in funding to micro, small and medium enterprises (MSMEs) and cooperatives in rural areas with the aim of protecting jobs and safeguarding livelihoods in light of the COVID-19 pandemic. The financing will be provided through the Development Bank of Ethiopia (DBE), which will receive grants of 13.8 million euros and 12.7 million euros from IFAD and the EU, respectively, to bolster its capacity to support rural financial institutions (RFIs). The financing will enable these institutions to help their MSME clients retain employees, reduce credit interest costs, and offer liquidity to facilitate the deferment of loan instalments due to the DBE.

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...

Read more >>

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...

Read more >>

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...

Read more >>