New UN Resident Coordinator Takes Helm

Jan 18 , 2020


Catherine Sozi (MD) has been assigned as the new United Nations Resident and Humanitarian Coordinator, the highest official and the chief of the UN diplomatic mission in Ethiopia. Sozi, from Uganda, presented her credentials to Hirut Zemene, state minister for Foreign Affairs, last week. She was appointed to the post by United Nations Secretary-General António Guterres last month. She has spent over three decades in public service. She previously served as the Regional Director for Eastern & Southern Africa at the Joint United Nations Programme on HIV/AIDS (UNAIDS), working for 18 years as the UNAIDS Country Director for Republics of Zambia and South Africa and China. Prior to joining the UN System in 2000, she worked in the United Kingdom, Uganda and South Africa focusing on planning and delivering services to people.


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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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