MasterCard Foundation Pledges 24.8m Br

Jun 7 , 2020


[ssba-buttons]

The MasterCard Foundation's COVID-19 Recovery & Resilience Programme has committed 24.8 million dollars for emergency support to micro and small-sized enterprises and start-ups. The programme, Mastercard Foundation MSE’s Resilience Facility, will be implemented and monitored between the Mastercard Foundation, the Jobs Creation Commission, a government institution advancing employment and job creation, and First Consult, a firm specialising in economic development in Ethiopia. The programme is primarily aimed at ensuring that MSEs remain solvent and retain their employees. It also aims to create work opportunities following COVID-19. It is expected to prevent 24,000 MSEs from closing and to prevent the loss of jobs for over 50,000 employees. Three financial institutions will also be partnering with select MSEs based on their vulnerability and provide collateral-free loans and increase the adoption rate to digitally-based microcredit. The creation of the facility is in line with the Foundations Young Africa Works strategy, which aims to enable 30 million young people in Africa, 10 million of whom are in Ethiopia, to access dignified and fulfilling work over the next 10 years.


Radar

New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...


Radar

City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...


Radar

Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...