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World Bank Donates $64m to Somali Region Drought Response


World Bank Donates $64m to Somali Region Drought Response

The World Bank has approved a fund of 64.3 million dollars to bolster humanitarian response efforts for the victims of drought in the Somali Regional State. Its officials announced the decision last week while on a field visit to the region's World Bank supported projects. In attendance were the Bank's country director Ousmane Dione, officials from the Ministry of Finance, and Mustafe Omer, president of the regional state. The Somali and Oromia regional states are in the grip of a devastating drought with 10 and eight zones in each region, respectively, seeing residents displaced and recording the deaths of millions of cattle. By the beginning of this month, over 1.4 million heads of cattle had died in the Somali region alone. Humanitarian organisations estimate that around seven million livelihoods in the regions are affected by what the UN called the worst drought the country has experienced in four decades. Millions are suffering in neighbouring Somalia and Kenya as well.

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Radar

Federal Prosecutors Accuse Public Officials, Contractors of Corruption, Alleged Illicit Fund Transfers

Federal prosecutors have filed corruption and money laundering charges against 11 defendants, including Nigstu Bogale, Coordinator of the Development Project for Response to the Impact of Refugees in the Horn of Africa at the Ministry of Agriculture, Biniyam Fantaye and Taye Habte, senior irrigation engineers involved in the Development Response to Displacement Impacts Project (DRDIP-II), as well as private individuals and construction company representatives. The case alleges losses and illicit...


Radar

EIH Transitions to New Headquarters as It Oversees Major State-Owned Enterprises

Ethiopian Investment Holdings (EIH) is relocating its headquarters from its current site on General Wingate Street. The former headquarters was located behind the Ministry of Industry and near Abrehot Library. The new office is expected to be on Mozambique Street, along the route from Mexico Square to Bulgaria Road. The building belongs to one of EIH's subsidiaries, and all departments are set to move there as interior design and finishing works continue. Under the leadership of Brook Taye...


Radar

Import Substitution Push Lifts Domestic Manufacturing, Industrial Recovery

A push for import substitution and industrial expansion has prioritised 96 strategic products for local manufacturing. The “Ethiopia Tamirt” initiative reports 4.85 billion dollars in savings, supported by trade fairs linking local producers to domestic and international markets. On average, 700 new projects enter the market annually, contributing to more than 2,800 investments over four years. At the grassroots level, 18,000 SMEs have been established, while 993 dormant factories have...