Regional Bank Endows Ethiopia with $1m

May 25 , 2019

Sustainable Energy Fund for Africa, a trust fund administered by the Africa Development Bank (AfDB), gave a grant of one million dollars to upgrade the procurement framework for independent power producers in Ethiopia. The grant, approved on May 17, 2019, is expected to improve the government’s capacity to undertake feasibility assessments of hydropower projects. It will also provide environmental and social impact assessments, resettlement action plans and preparation of bidding documents for hydropower projects. “A well-structured procurement framework is important in mobilising the investments necessary to achieve universal energy access in Africa,” said Wale Shonibare, AfDB acting vice president for power, energy, climate change & green growth. Ethiopia plans to create universal access plans to create new grid access for 8.2 million people and the distribution of power for six million new households from off-grid solar projects by 2025.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...