World Bank Arm to Acquire $160m Stake in Safaricom Ethiopia

Sep 10 , 2022

The International Finance Corporation (IFC), an arm of the World Bank Group, has announced plans to acquire shares valued at 160 million dollars in Safaricom Telecommunications Ethiopia Plc. The acquisition would make the IFC the third-largest shareholder in Safaricom Ethiopia, following Kenya's Safaricom and the Japanese Sumitomo Corporation. Vodacom Group and British International Investment (formerly CDC Group) also hold shares in the venture. The telecom operator launched large-scale pilot commercial services in Dire Dawa town a few weeks ago, more than a year after it acquired the country's first private telecom license after bidding 850 million dollars. Safaricom Ethiopia executives took the pilot to Haromaya town, Oromia Regional State, last week. They say they plan to expand the network to 25 urban areas by April next year.


Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


AfDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...