US Extends ‘Feed the Future’ Program

Apr 13 , 2019


Ethiopia and the United States signed an agreement to invest in food security, build resilience and accelerate economic growth in Ethiopia. The program will fall under the leadership of the US’s five-year “Feed the Future” strategy. Omer Hussein, minister of Agriculture, and Bonnie Glick, deputy administrator of United State Agency for International Development, signed the agreement. USAID has allocated 300 million dollars for the next two years as part of the agreement. “This partnership agreement may bring new and innovative solutions for the challenges Ethiopia faces,” Glick said. Feed the Future is the US’s global hunger and food security initiative to improve productivity and commercialisation, resilience and protection from shocks and disasters. Over the past five years, the US has invested four billion dollars in Ethiopia in development and humanitarian assistance.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email