Wegagen, Oromia Banks Open IFB Branches

Mar 14 , 2020

Wegagen and Oromia banks opened branches dedicated to interest-free banking (IFB) service at the end of last week. Named Bilal, Oromia's branch was inaugurated on March 12, 2020. The branch is located at the Bank's headquarters located on African Avenue. Oromia has been providing window interest-free banking services since 2013. Wegagen Bank inaugurated its interest-free banking branch named Alnejash at Bole Michael area on March 13, 2020. The two banks join Bank of Abyssina, Awash Bank, Commercial Bank of Ethiopia, Cooperative Bank of Oromia and several other banks that have already opened interest-free branches. The National Bank of Ethiopia (NBE), which used to limit the interest-free banking service to a window service for years, issued a directive that allowed the establishment of full-fledged IFB branches in June.


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...