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.


Pivots in Business Maze

A set of projects spearheaded as part of ease of doing business reform with a 7.2 million euro finance from the European Union (EU) is set to improve and navigate the lingering concerns in Ethiopia's business landscape. E-governance projects are undertaken by GIZ International Services and Mckinsey & Company in cooperation with five federal agencies, including the Justice, Trade,  Innovation, Revenues ministries and National Bank of Ethiopia (NBE) are part of the wider plan to improve the d...


Dashen Bank Board Reinstates its Chair

Dashen Bank re-appoints Dula Mekonnen as its Board Chairman, extending his tenure for another three years. The decision was made during a board of directors meeting held at the Sheraton Addis Hotel last week. Dula holds a first degree in electrical engineering from the Adama Science & Technology University and a graduate degree in business management. With a diverse leadership background spanning three decades, Dula has served as a manager at Ethio-Leather Industry Plc and managed Wenji S...


Digital Fuel Transactions Soar Amid Subsidy Drop

Nationwide digital fuel transactions have exceeded the 155.4 billion Br mark, as the Ethiopian Petroleum & Energy Authority released a half-year report last week. Consistent reductions in fuel subsidies have led to the fuel price stabilisation fund hitting an all-time low of 117.4 billion Br, a decrease of 79.6 billion compared to the previous year. The report highlights the successful monitoring of subsidies across the country's 1,589 fuel stations, benefiting nearly 200,000 transporters...