Korea Proffers $10m for Ethiopia, Africa

Aug 8 , 2020

Korea has given 10 million dollars to support the fight against the Novel Coronavirus (COVID-19) pandemic in Ethiopia and other African countries. Ethiopia will receive half of the funding, and the rest will go toward the Africa Centres for Disease Control & Prevention (Africa CDC), a public health agency of the African Union. The support, under the COVID-19 Comprehensive Emergency Response Programme, will be used for the procurement of medical supplies like personal protective equipment (PPE) for frontline health workers. It is also intended for capacity building training for the health workforce responding to COVID-19 in cooperation with the World Health Organisation (WHO). Supporting internally-displaced people through sanitation infrastructure in tandem with the International Organisation for Migration (IOM) is another element of the support. It also aims to build a stronger public-private partnership through the repurposing of small and medium enterprises to improve the domestically produced PPE supply. Africa CDC will use its funds to build up its response capacity for COVID-19 for the whole continent.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...