IGAD Opens a Bridge to Cross-Border Cooperation in Moyale

Oct 2 , 2023

To bolster the country’s logistics performance, the Intergovernmental Authority on Development (IGAD), along with the Regional Migration Fund (RMF), has inaugurated its cross-border development facilitation office in Moyale, the border between Ethiopia and Kenya. Dubbed the IGAD Moyale Field Cross-border Coordination Office, it is tasked to boost cooperation between the two countries and facilitate large-scale trade across the border. The inauguration ceremony was lauded by Workneh Gebeyehu, executive secretary of IGAD, as forging a common front to advance shared objectives. The country currently ranks 112th in logistics performance. The need to access additional logistics corridors marks a deliberate effort to reduce Ethiopia’s reliance on the Djibouti corridor, which presently handles an overwhelming 95pc of its transits. Ethiopian exports to Kenya accounted for 15.2 million dollars in 2021, according to Trading Economics. Kenya and Ethiopia share 861Km porous border that traverses across multiple regions on both sides;  Marsabit, Turkana, Waji, and Mandera Counties in Kenyan, and Borana and Dawa zones in Ethiopia. According to a United Nations report, the cross-border area is characterised by poorly developed physical infrastructure, depicting that all the development indices in the area are much lower than the national averages of other countries.


Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...


Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...