Saudi Arabia Extends $140m Loan

Dec 21 , 2019

Ethiopia secured a 140-million-dollar concessional loan from Saudi Arabia for road construction, water supply and sanitation development projects. The agreement was signed between Ahmed Shide, minister of Finance, and Khalid S. Alkhudairy (PhD), vice chairman and managing director of Saudi Fund, at a ceremony held in the Office of the Prime Minister on December 19, 2019. Part of the funding is allocated to finance the 118.4Km Debre Markos-Motta Road Project. The project costs 75 million dollars, and it is expected to be completed by September 2024. The remaining 65 million dollars is set to finance the One WASH National Programme. It aims at improving the health and well-being of communities in rural and urban areas by increasing access to water supply and sanitation and promoting the adoption of good hygiene practices. The funding will cover four years until the end of 2023.


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...