United Bank Cuts Loan Interest Rate by 25pc

May 9 , 2020

United Bank has cut lending interest rates by 25pc for severely affected sectors including floriculture and hotel and tour operators due to the COVID-19 pandemic, effective May 16, 2020. The slashed interest rate is in addition to the previously announced letters of credit (LC) and Cash Against Document (CAD) period extension fee reduction, loan restructuring and deferment of payments for affected sectors. The interest rate reduction will remain active for three months. Other sectors will also be entitled to a five percent interest rate reduction during this three-month period except for those that are already offered preferential rates. While offering these five percent and 25pc interest rate reductions, the Bank will forgo about 50 million Br in interest income during the coming three months. United Bank has pitched in five million Br to the Ministry of Health to buttress the fight against the pandemic.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...