Japan to Fund Portable Geothermal Power Plant

Mar 20 , 2021

With the capacity to produce five megawatts of power, a portable geothermal power plant will soon be introduced with the help of the Japanese International Cooperation Agency (JICA). Japan has agreed to provide an 18-million-dollar grant to Ethiopian Electric Power (EEP), which is planning to commence commercial operations in August 2021. It is developing a five-megawatt geothermal power plant at the Aluto-Langano Geothermal Wellhead Power System. "Its generation capacity is rather small, but it is easy to install,” said Katuski Morihara, chief representative of JICA in Ethiopia. JICA supports efforts to explore the possibility of power-generation projects in Afar Regional State, carrying out preparatory surveys for a large-scale geothermal power plant at Aluto-Langano. EEP hopes to generate 50MW of power, a fraction of the 1,000MW of power Ethiopia plans to generate from its geothermal potential, by 2030. The Toshiba Energy Systems & Solutions Corporation (ESS), along with Toyota Tsusho Corporation and Turkish engineering company Egesim Energy Electro-Mechanic Construction Contracting, has received the engineering, procurement and construction contract for the project. Ethiopia currently has an electricity access rate of 45pc.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...