Russia to Cancel Ethiopia’s $164m Debt

Oct 26 , 2019

President Vladimir Putin announced Monday that Moscow will soon forgive the debt Ethiopia owes his country. That will make Ethiopia the fourth African country to get the debt cancellation as Russia moves to increase its influence on the continent. Ethiopia’s 163.6 million dollars debt will soon be written off under Russia’s debt-for-development programme, Putin said. Mozambique, Madagascar and Tanzania have already had their debts cancelled under this programme. Putin said that Russia has already written off about 20 billion dollars of debt to African countries that had accumulated during Soviet times. The debt cancellation was made in exchange for privileges such as expanding business opportunities for Russian companies, access to natural resources and building strategic economic ties. "We expect that Ethiopia's remaining debt to Russia will be settled under similar conditions. The relevant draft agreement is currently being elaborated," the Russian president said.


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...