Northern Ethiopia Embarks on €10m Finance Deal

Oct 14 , 2023

War-stricken areas in the north foresee a 10 million euro finance to harness stabilisation from the German government and the United Nations Development Programme (UNDP). The agreements were signed between Stephan Auer, ambassador of Germany and Turhan Saleh, UNDP representative last week. The finance is put forth for Afar, Amhara and Tigray regional states. The Ambassador applauded efforts to implement the Cessation of Hostilities Agreement to end the conflict. He disclosed the finance is support from Germany to encourage Ethiopia on the path towards national healing. "Only dialogue and mutual trust will overcome division and conflict," he emphasised.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...