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Tigray, Amhara, Afar Regional States Break New Ground with 32m Euro Agricultural Assistance

Jul 29 , 2023

A project that aims to address food insecurity by improving agricultural productivity in conflict-affected areas was launched by the Agricultural Transformation Institute (ATI) last week. The Food Security & Agriculture Rehabilitation Measures (FARM) project aims to rehabilitate the production of pulse, cereal apiculture, poultry and horticulture sectors while strengthening small-scale irrigation. The 32 million euro project is financed by the French Development Agency (AFD) and the European Union (EU) and launched at Capital Hotel, Haile Gebresilassie Street. According to Remi Maréchaux, French Ambassador, post-conflict and crisis recovery is a sensitive period when humanitarian assistance is progressively diminishing and longer-term intervention needs to be started with the risk of an institutional vacuum in the transition phase. "The efforts by France and the EU started by supplying improved seeds to Amhara and Tigray ahead of the rainy season," he said. The deputy ambassador of the European Union, David Krivanek (PhD), said the project aims to improve food security and nutrition in the long term by providing access to drought-resistant seeds.

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Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...

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Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...

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Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...

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