Red Cross Embarks on UK Aid Packages


Over one million people foresee humanitarian assistance focused on health and hygiene as the United Kingdom launches a 3.4 million pound finance package through the Red Cross. Meanwhile, a 2.4 million pound is set to deliver international Procurement Orders with its counterpart in the UK. Nearly 10 vehicles have been donated by the FCDO Civil Society Strengthening Programme (CSSP) during a ceremony that saw the attendance of UK Ambassador to Ethiopia, Darren Welch and representatives of the African Union. The ambassador expressed his sentiment that the financial package pave the way where vulnerable communities may get access to the desired services. The support for the UK comes from a program aimed at alleviating conflict and drought-ridden areas, which is indicated as one of the United Kingdom's top priorities in Africa.


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Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


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Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


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Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


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