US Agency Elects Ethiopia for Grants

Dec 19 , 2018


[ssba-buttons]

The United States government’s Millennium Challenge Corporation, an agency that gives time-limited grants and assistance to developing countries, has chosen Ethiopia as one of the eligible countries. The agency, which works to reduce global poverty, selected Ethiopia for assistance that is designed to spur economic growth during its quarterly meeting on December 12 2018. The board of the Corporation also selected Indonesia, Malawi and Kosovo for bilateral compacts for five-year grant programs, while it selected Ethiopia and the Solomon Islands for MCC threshold programs – the Corporation’s smaller grant program focused on policy and institutional reform. “I am pleased to announce new MCC compact partnerships with Indonesia, Malawi, and Kosovo, and new threshold partnerships with Ethiopia and Solomon Islands,” MCC Chief Operating Officer and Head of Agency Jonathan Nash said. “The Board also directed MCC to explore regional investment opportunities in five of its current compact partners in West Africa.” The Board selected Ethiopia in recognition of the recent reforms made by the Government of Ethiopia, according to the Corporation. Founded in 2004, the Corporation provides support that meets rigorous standards for good governance, from fighting corruption to respecting democratic rights.


Radar

Amendment Expands Access for Foreign Traders

Foreign participation in Ethiopia's wholesale, retail, import, and export trade sectors has come under renewed focus as the Ethiopian Investment Board(EIB) approved a significant amendment to Directive No. 1001/2016  in its meeting on May 23, 2025. The amendment, proposed by the Ethiopian Investment Commission(EIC), focuses on refining the legal framework governing foreign investment in these sectors. The decision is part of a broader strategy to enhance the country's appeal as an investment...


Radar

NBE Sets Four Percent Ceiling on Foreign Exchange Fees

The National Bank of Ethiopia (NBE) issued a new foreign exchange market directive on May 20, 2025, that caps commercial banks' forex service fees at a maximum of four percent. Banks are instructed to adapt competitive, transparent, and streamlined pricing for all forex-related services. Effective May 26, 2025, total charges for purchasing foreign exchange whether for imports, service payments, or cash note purchases must not exceed the newly set limit. The directive also prohibits banks f...


Radar

SantimPay Launches Zero-fee Digital Remittance Platform

SantimPay has rolled out FrankRemit, first fully integrated, zero-fee digital remittance platform, in partnership with Bank of Abyssinia(BOA). The service smoothly connects all commercial banks and major mobile money providers, including Telebirr, M-Pesa, and CBE Birr which is a first of its kind in the country. FrankRemit is expected to revolutionise how the Ethiopian diaspora sends money home. Developed locally and tested over the past two weeks with successful transfers from multiple count...