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Ministry Launches $35m Health Project in Pastoral Communities

May 4 , 2024

  A  35-million-dollar project on nutritional and maternal health support to pastoral communities was launched last week. The five-year project aims to boost the capacities of health infrastructures in 35 weredas of four regional states with unique geographical topographies. It is financed by USAID which provided nearly 200 million dollars in annual support to Ethiopia's health sector. The launch ceremony was attended by Minister of Health Mekdes Daba (MD) and Eleanor TanPiengco, deputy director of USAID in Ethiopia. She said rehabilitating health facilities in lowland areas, where communities are highly exposed to extreme weather events caused by climate change is vital. Frequent conflicts compounded the difficulties of addressing the disease and famine faced by the pastoralist population in the last few years, according to Eleanor.

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Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...

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Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...

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Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...

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