Ministry, World Bank Sign $250m Deal

Jun 5 , 2021


[ssba-buttons]

The Ministry of Finance and the World Bank have signed a 250 million dollar loan agreement for the funding of a project that aims to fortify social services in the country. The Enhancing Shared Prosperity through Equitable Services Program (ESPES) will focus on promoting the delivery of services such as basic education, primary healthcare, agricultural extension advice, water and sanitation, and infrastructure across the country through a decentralised system. The agreement was signed by Finance Minister Ahmed Shide and Ousmane Dione, World Bank country director, during a ceremony held on June 4, 2021. The duo inked a 907 million dollar financing agreement just over a month ago, half a billion dollars of which was funding for a project that aims to bring private sector capital into the energy sector.


Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...