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UAE Announces $85m Aid to Bolster Humanitarian Operations

Mar 12 , 2022

The United Arab Emirates (UAE) announced last week it would be disbursing 85 million dollars in aid to support humanitarian operations in Ethiopia. The contribution will be disbursed to several agencies, including the World Food Programme (WFP), the International Committee of the Red Cross (ICRC), the United Nations Children’s Fund (UNICEF), and the United Nations High Commissioner for Refugees (UNHCR). Last week, the UAE delivered 50tn of humanitarian supplies to support internally displaced persons (IDPs) in Ethiopia. The donation, carried out through the Emirates Red Crescent, includes food, health supplies and children's food supplements. Millions have been displaced as a result of the armed conflict in the north and a severe drought in the south and east.

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Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...

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Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...

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Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...

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