UK Bolsters Borderland Security Near Ethiopia with Millions

Nov 11 , 2023

The security concerns in the Ethiopia-Kenya-Somalia border foresee a 10 million pound peace program to be implemented over the next three years. Financed by the United Kingdom, the project dubbed "Deris Wanaag", which translates to good neighbourliness in Somali, is expected to support the formulation of effective policy and build resilience against instability and violence in the region. Mustafe Omar, president of the Somali Regional State launched the program in Jijiga last week, with representatives from the British Embassy. He highlighted the importance of cross-border partnerships in addressing instabilities where many socio-economic dynamics are shared. The focus on integrating national responses to insecurity, supporting conflict resolution structures, and aligning development and peacebuilding activity across the three countries was mentioned by Embassy representatives. Borderlands across the horn of Africa are hampered by isolation, conflict, displacement, poverty, and rapid population growth, mainly within the borderland clusters of Karamoja, Borana, Somali, and Dikhil, according to a World Bank report in 2020. Having historically suffered from underinvestment and whose challenges and vulnerabilities, the report suggested policies that enhance trade and mobility, shared management of land and water resources, and investments in infrastructure.


Ethiopia's Central Bank Dips a Toe in the Open Market Waters

In a historic move to manage liquidity within the banking system, the National Bank of Ethiopia (NBE) held its first-ever open market operation (OMO) on July 11, 2024. The auction drew notable interest from the financial sector, with 16 bidders submitting nearly 20 billion Br. The central bank accepted the total amount of bids, reflecting the banking industry's robust engagement with this new monetary policy tool. The NBE's foray into OMOs is seen as a strategic measure to control the mone...


CBE Shatters Profit Record at 25.6B BR

The state-owned Commercial Bank of Ethiopia (CBE) registered a record-breaking 25.6 billion Br in gross profits for the ended fiscal year, driven by aggressive cost-cutting measures. While CBE faced a challenge earlier in the year with a system glitch, the bank has demonstrably grown its customer base, now exceeding 45 million people. Its total deposits surpassed the trillion birr mark, reflecting a major increase of 170 billion Br. The Bank's revenue also grew by 13pc, reaching 135.4 billion...


Ethio telecom Dominates Industry with Expanding Profits, Coverage

The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since the entrance of Safaricom Ethiopia three years ago, its annual revenues have taken a leap with the competition. The centenarian operator increased its customer base by 8.9pc to reach 78.3 million, with an 85.4pc geographical coverage. Its nearly three-year-old mobile money service, Telebirr, is use...