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Korea Agency Puts up $5m for COVID-19 Resilience

Sep 19 , 2020

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Korea International Cooperation Agency (KOICA) has donated five million dollars to Ethiopia to bolster the response toward the ongoing fight against the Novel Coronavirus (COVID-19) pandemic in the country. The Ministry of Trade & Industry signed a virtual memorandum of understanding with KOICA for the production of personal protective equipment (PPE) as a means of retaining jobs in small and medium enterprises working in leather and leather product production. Half a million dollars of the funds will be directed to repurposing these industries and enabling them to produce PPE. In addition to the initiative, the funds will finance awareness creation campaigns in the rural parts of the country regarding the containment measures of COVID-19. KOICA was established in 1991 by the Korean government to maximise its grant aid programmes for developing countries.

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Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...

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NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...

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Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...

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