Sovereign Wealth Fund Inks Deal with Canadian Energy Company

Sep 10 , 2023

A strategic agreement for developing the Harmokale Geothermal Project in the Somali Regional State has been reached between Ethiopia Investment Holdings (EIH) and 4th Resource Corporation, a Canadian energy company that develops and explores geothermal energy projects. It outlines partnerships that will facilitate the exploration, development, and operation of geothermal resources in Ethiopia, prioritising capacity building, knowledge transfer, and technology sharing. The Harmokale geothermal project is set to contribute significantly to Ethiopia’s energy production while reducing carbon emissions, creating job opportunities for communities in the regional state and setting a new standard for environmentally conscious and socially responsible energy production. “This partnership reflects our dedication to harnessing clean and renewable energy sources to power a sustainable future,” stated Phil Harms, CEO of 4th Resource Corp. 4th Resource had been awarded a geothermal reconnaissance license by the Ministry of Mines of Ethiopia, the first such license awarded under the new geothermal regulations issued in 2019, which are designed to facilitate and incentivise geothermal development in the country. The licence covers an area of 1,948 square kilometres and Dire Dewa City. Close to 90pc of Ethiopia's power generation is hydroelectric as it takes advantage of several rivers in the country, only managing to provide electricity for half of the population.


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...