Ministry to Boost Power Supply by Four-Fold

Jan 11 , 2020


The Ministry of Water, Irrigation & Energy launched a new road map that aims at boosting the country’s power supply by four-fold from its current generating capacity. While having a capacity of generating 40,000MW to 50,000MW of electric power, the country only generates 4,400MW from water and other renewable energy sources, according to the Ministry. The 10-year energy road map aims at expanding the power-generating ability of Ethiopia and to meet the demand, according to Frehiwot Weldehana (PhD), state minister for Water, Irrigation & Energy. The current 20,000Km of electric line coverage will be upgraded to 34,000Km, while the existing 204 electric distribution stations will expand to 256, according to the road map. Ethiopia will also generate 20,000MW of energy at the end of the 10 years, of which 14,000MW will come from hydro, while 1,700MW, 900MW and 2,000MW will be generated from solar, geothermal and wind sources, respectively.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email