MPs Pass Bill with Divided Votes

Mar 16 , 2019

The bill drafted for a loan agreement to finance the Meqelle Water Supply Development Project was passed for further review with 20 abstentions and against votes. The 230 million dollars of financing that came from the Export-Import Bank (EX-IM Bank) was aimed at financing the construction of a dam on Giba River with a capacity of holding 362 million cubic meters of water. The project also includes the construction of a water treatment plant with a daily treatment capacity of 136,700 cubic metres roads, procurement of electromechanical equipment and other utilities. After a fierce debate, the bill was passed to Finance, Revenues & Budget Affairs Standing Committee for further review. The framework for the interest-free loan agreement was signed in May 2018 in Addis Abeba, while the concessional loan was signed in Beijing the following month between the governments of Ethiopia and China. The loan will be repaid within 20 years and has between seven to 10 years of grace periods.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...