Oromia Bank, Ethio Engineering Group Affiliate to Oversee Finances

Ethio Engineering Group partners with Oromia Bank to facilitate its foreign currency needs while it manages its finances through the Bank. President of Oromia Bank Teferi Mekonen inked a mutual agreement with Suleiman Dedefo, CEO of the group, at the Bank's headquarters last week. Ethio-Engineering Group (EEG), formerly known as the Metals & Engineering Corporation (METEC), still has large investments across its nine factories that require a constant supply of industrial inputs from abroad. It has reported a 101 million Br profit as its audit findings were revealed to Parliament last month, with debt obligations from its previous organizational structure remaining frozen. Teferi claimed that the Bank has earned a positive reputation for the timely provision of funds to its customers. Oromia Bank netted a profit of 1.2 billion Br partners with 40 other companies and institutions with similar agreements, according to Abdi Hunde, head of the partnership division at the Bank.


Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...