UK Endows Ethiopia with £120m

Aug 24 , 2019


The government of the United Kingdom has pledged 120 million pounds worth of grants to Ethiopia. The agreements were signed at the Ministry of Finance between Admasu Nebebe, state minister for Finance, and Aloka Sharma, secretary of State for International Development, on Friday, August 23, 2019. A first grant amounting to 95 million pounds will be used to finance the Strengthening Climate Resilient System for Water, Sanitation and Hygiene Service. The project aims to improve access to climate-resilient water, improve sanitation services and good hygiene practices for 1.2 million people in the prioritised drought-affected areas of Ethiopia. The second grant, which amounts 25 million pounds, will be used to finance phase four of the Ethiopian Productive Safety Net Program, which aims at increasing access to safety net and disaster risk management systems, complementary livelihoods services and nutrition support for food-insecure households in rural Ethiopia.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...