Parliament Approves Crucial Loan Agreements

Mar 16 , 2024


[ssba-buttons]

Parliamentarians unanimously endorsed a series of loan agreements last week, aimed at advancing development across various sectors. Chief Whip Tesfaye Beljige highlighted the paramount importance of these loan agreements. A substantial amount of 228.2 million dollars has been allocated to fund the digital identity inclusiveness and service delivery project in collaboration with the International Development Association. A significant portion of 68.5 million dollars has been earmarked to bolster the logistical capabilities of the Mojo Dry Port while 200 million dollars has been allocated for education and training projects. With a repayment period of 38 years and a six-year grace period, these investments hold the promise of expanding digital service accessibility, enhancing trade operations and competitiveness on the global stage and supporting entrepreneurship skills Parliamentarians also approved an 83.5 million euro loan from the Italian government for the Boye Lake sustainable development project in the Jimma zone, Oromia Regional State, with a repayment schedule spanning 30 years, inclusive of a 16-year grace period. They reiterated the need for prudent use of funds from international institutions.


Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...