Japan Offers Support for War Bystanders

Japan provided an emergency grant worth 6.6 million dollars for people affected by the armed conflict in Tigray Regional State.


Japan Offers Support for War Bystanders

Japan provided an emergency grant worth 6.6 million dollars for people affected by the armed conflict in Tigray Regional State. The support, which will go toward refugees and internally displaced persons (IDPs), will be implemented in four areas: food and nutrition; health; emergency shelter and non-food items; and water, sanitation and hygiene. The grant is expected to provide nutritious food to over 620,000 children under five years old and around 267,000 pregnant and lactating women. A portion is dedicated toward the procurement of medical supplies for over two dozen health centres, the provision of mental health services, as well as the repair of health centres for about 50,000 IDPs. The provision of construction materials and the repair of over 2,000 damaged households is also a component of the grant. Repairing water supply systems and providing an estimated 85,000 people with access to safe drinking water, distributing hygiene products to 200,000 people, and installing 100 communal latrines in the Regional State are also part of the grant's objectives. The support will be executed through the World Food Programme, the International Organisation for Migration, the United Nations Children's Fund and the International Committee of the Red Cross among others.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...