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UAE Pledges $100m to Innovation, Technology

Jul 20 , 2019

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Ethiopia has recieved a 100-million-dollar grant and signed a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE) to enhance the innovation and technology sectors in the country. The agreement was signed between Admasu Nebebe, state minister for Finance, Hussain. Jasim Al Nowais, chairperson of the Khalifa Fund Board of Directors. Prime Minister Abiy Ahmed (PhD) was also present at the signing ceremony. Though the grant mainly focuses on assisting the progress of innovation and technology, it also provides support for the micro, small and medium enterprise sector development and job creation. Mohammad bin Zayed Al Nahyan, the crown prince of the United Arab Emirates (UAE), visited Ethiopia in June 2018 and the UAE pledged three billion dollars in aid and investment to Ethiopia.

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New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...

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City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...

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Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...

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