Public Enterprises Underperform Debt Servicing

Nov 30 , 2019


[ssba-buttons]

The Ministry of Finance reported that two public institutions failed to service loans in the first quarter of this fiscal year. In its report to parliament, the Ministry mentioned the Addis Abeba Water & Sewerage Authority (AAWSA) and the former Ethiopian Airports Enterprise have failed to pay back their loans. In the reported period, the Ministry expected that all of the state-owned enterprises would service 245 million Br in debt. However, only 62 million Br was paid by enterprises, 25pc of the target. Ethiopia currently has an overall external debt of 27 billion dollars, out of which it was able to service more than 9.4 billion Br in the last fiscal year. State-owned enterprises owe 11.2 billion dollars in the external debt burden, while the federal government owes the remaining.


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...