WB, Gov't Join Hands for Urban Dev't Programme

Feb 8 , 2020


Ethiopia has started conducting the third phase of the Urban Institutional & Infrastructure Development Programme that targets 117 urban areas at a cost of 859 million dollars. The consultancy programme was implemented in 19 urban areas in the first phase and 44 urban areas in the second, according to the Ministry of Urban Development & Construction. The programme, which began 11 months ago under the aegis of the World Bank and the government, created more than 800,000 jobs for the youth. The aim of the operation is to alleviate the performance of the urban local governments to expand and maintain urban infrastructure, services, and local economic development. The first phase was launched in 2008 with 300 million dollars in funding from the World Bank and 116 million dollars from the government. The second phase commenced in 2014 with the World Bank funding 380 million dollars and the government contributing 176.6 million dollars.


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