New Programme Aims to Curb Industrial Park Staff Turnover


The Mastercard Foundation's BRIDGES Programme and its partners are looking to lower the staggeringly high turnover rates at industrial parks through the introduction of a saving and career development scheme. Dubbed 'Tatari,' the platform will match the savings deposited by industrial park employees at the Commercial Bank of Ethiopia (CBE), up to 10pc of monthly salaries for five years. At the end of the saving period, employees will have the option of withdrawing the funds to establish micro and small enterprises. The matching fund will be covered by the employing factories. Aiming to encourage employee retention and prevent staff turnover, which can reach as high as 50pc in a month and even 100pc in three months' time, the saving system was launched two weeks ago. The Mastercard Foundation will provide technical assistance, while First Consult has been chosen as a consulting firm for the project. Two factories inside Hawassa Industrial Park have already showed an interest to implement the project. Almost all industrial park employees are women, who come mostly from rural areas with agricultural backgrounds.


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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...


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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...


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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...


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