IFAD, EU Pledge 26.5m euros to Rural Project

May 29 , 2021

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.


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...