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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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Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...

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NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...

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Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...

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