UN Report Foresees Growing Food Insecurity in Horn

Jul 23 , 2022

A study backed by the World Food Programme (WFP) and the Food & Agriculture Organisation (FAO) predicts that over 50 million people in East Africa will face acute food insecurity this year. An estimated 20 million people across Ethiopia, Somalia, South Sudan, and Kenya are thought to already be experiencing severe hunger and food insecurity. The situation is the result of what the UN called "the worst drought in four decades", armed conflict, and rising global food prices as a result of Russia's war in Ukraine. Last week, the United States Agency for International Development (USAID) pledged 1.2 billion dollars in aid to fight food insecurity in the Horn of Africa.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...