Norwegian Agency Proffers 91m Br to Universities

Jan 3 , 2021


The Norwegian Agency for Development Cooperation has proffered 91 million Br to Gonder, Hawassa, Jimma, Debre Markos and Addis Abeba Science & Technology universities. The grant, designated for capacity-building support to the five universities, was initiated by Shegaw Anagaw, associate professor of informatics at South-Eastern Norway University. Regulated under the Norwegian Programme for Capacity Development in Higher Education & Research for Development, the funds will mainly go toward three programmes: informatics, eHealth and special needs education. The project will run from 2021-2026 and will also incorporate 45 scholarship programmes for master's students and 15 post-doctoral students in an exchange programme. Norway’s flagship programme on higher education and research for development works on capacity building of higher education institutions in the global south. It had received 199 applications for this grant, of which 60 were chosen to be funded.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...