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IFAD, EU Pledge 26.5m euros to Rural Project

May 29 , 2021

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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.

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New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...

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City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...

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Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...

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