Regional Town Gets Solar Farm

Sep 28 , 2019

Qoftu town in Oromia Regional State has been chosen as the site for a solar energy project that has a capacity of generating 250kW of energy. The project that is worth four million dollars was inaugurated on September 20, 2019. Launched last year with South Korean fund, the project will benefit about 800 people or 60 households. The project enables residents of the area to use power for chicken incubators and powers other public services like health centres and schools, according to Frehiwot Woldehanna, state minister of Water & Electricity. The Ethiopian Electricity Utility is working on expanding the project to other sites in the country to address 12 rural kebeles, according to Shiferaw Telila, CEO of Ethiopian Electricity Utility. The government recently launched a national electrification plan to achieve 100pc electricity coverage in the country by 2025 at a total cost of 4.5 billion dollars.  


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...