Japan Proffers $13.6m Grant for Pandemic

Jul 25 , 2020

The government of Japan gave 13.6 million dollars in grant funding to Ethiopia for the procurement of medical supplies to support the ongoing battle against the Novel Coronavirus (COVID-19). The agreement was inked by Ahmed Shide, minister of Finance, and Daisuke Matsunaga, ambassador of Japan to Ethiopia, at the end of last week. The new grant is a continuation of the 2019 Tokyo International Conference on African Development (TICAD-7) commitments to expand universal health coverage and the African health and well-being initiatives. It will be directed for the supply of critical medical equipment including accessories, spare parts, installation, operation and maintenance. This aid will strengthen the healthcare system through the provision of health and medical equipment including radiography systems and portable ultrasound scanners to hospitals and medical universities in Addis Abeba, Dire Dawa and 10 other cities, according to Daisuke.


Ethiopia's Central Bank Dips a Toe in the Open Market Waters

In a historic move to manage liquidity within the banking system, the National Bank of Ethiopia (NBE) held its first-ever open market operation (OMO) on July 11, 2024. The auction drew notable interest from the financial sector, with 16 bidders submitting nearly 20 billion Br. The central bank accepted the total amount of bids, reflecting the banking industry's robust engagement with this new monetary policy tool. The NBE's foray into OMOs is seen as a strategic measure to control the mone...


CBE Shatters Profit Record at 25.6B BR

The state-owned Commercial Bank of Ethiopia (CBE) registered a record-breaking 25.6 billion Br in gross profits for the ended fiscal year, driven by aggressive cost-cutting measures. While CBE faced a challenge earlier in the year with a system glitch, the bank has demonstrably grown its customer base, now exceeding 45 million people. Its total deposits surpassed the trillion birr mark, reflecting a major increase of 170 billion Br. The Bank's revenue also grew by 13pc, reaching 135.4 billion...


Ethio telecom Dominates Industry with Expanding Profits, Coverage

The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since the entrance of Safaricom Ethiopia three years ago, its annual revenues have taken a leap with the competition. The centenarian operator increased its customer base by 8.9pc to reach 78.3 million, with an 85.4pc geographical coverage. Its nearly three-year-old mobile money service, Telebirr, is use...