Misgivings Put AfDB's $1.24b Ethiopia Projects at Stake

Dec 25 , 2023


The African Development Bank (AfDB) has signalled potential disruptions in its Ethiopian operations, worth an estimated 1.24 billion dollars, blaming safety concerns for its international staff. This followed an incident where Ethiopian security forces detained two international staff of the Bank, whose investigation the AfDB claims was not satisfactorily resolved by Ethiopian authorities. The detained staff was released after the interval of Ethiopia's high-ranking officials, including President Sahleworq Zewdie and Prime Minister Abiy Ahmed (PhD), in November. After the incident a high-level inquiries force chaired by Teklewold Atnafu, monetary policy advisor to the Prime Minister, has been established to probe the case, sources disclosed. AfDB President, Akinwumi Adesina (PhD), expressed dismay at the lack of communication from the authorities in Addis Abeba. “We remain particularly concerned that the Ethiopian government has not shared any report, or details of investigations with the Bank,” Adesina said in a letter he issued. The Bank’s decision to withdraw its international staff, albeit temporarily, brought to light the rising security concerns expats feel. Adesina disclosed that the international staff would resume in-country operations once the government provides transparent details of its investigations and the measures taken in response to the incident. While the Bank's Ethiopian office will continue to operate, it will do so under an Officer-in-Charge, with the locally recruited staff remaining employed.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...