US in Forefront for Productive Safety Net Investments

Apr 3 , 2021


Early last week, the fifth phase of the Productive Safety Net Programme (PSNP) was launched in the presence of representatives of the federal government and officers from the United States Agency for International Development (USAID). The PSNP is a food security, public works and social safety net programme for millions in need across Ethiopia. Backed by 2.2 billion dollars in funding, the fifth phase is expected to last five years and reach up to nine million people each year. As the largest donor, USAID’s contribution accounts for over 550 million dollars. Established two years after the largest famine the country has ever seen in 2005, the previous four phases have witnessed investments of 5.3 billion dollars. The highest amount, 2.6 billion dollars, was spent last year. The United States has supported the programme with the highest spending of over four billion dollars in the last five years.


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