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World Bank Nods to $180m Refugee Welfare Project Extension


World Bank Nods to $180m Refugee Welfare Project Extension

The World Bank has approved 180 million dollars in financing for the expansion of a welfare programme designed to bring refugees back to the workforce while in host countries. The "development response to displacement impacts" programme was launched five years ago with 100 million dollars in loans secured from the Bretton Woods institution. The federal government requested additional financing a year before the project's first phase was scheduled to come to a close last December. Officials said the extension was necessary to complete unfinished works in two weredas of the Somali Regional State, which had been interrupted due to security concerns. The additional funding may enable project managers to continue work in Tigray Regional State, which hosted five large refugee camps and where the programme was frozen following the outbreak of armed conflict in November 2020. They are part of the 27 camps hosting 845,000 refugees and asylum seekers in Ethiopia. Officials hope to see the second phase, which will run for five years beginning this month, reaching 2.5 million people, and around a quarter will come from refugees.

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Freight Forwarders Earn FIATA Diplomas as Sector Eyes Global Stage

The Ethiopian Freight Forwarders & Shipping Agents Association (EFFSAA) has graduated a new cohort of professionals from the internationally recognised FIATA Diploma Programme, bolstering efforts to strengthen Ethiopia's logistics and freight forwarding sector. EFFSAA President Dawit Wubshet (PhD) said the association has trained more than 495 professionals since launching the programme. He noted that EFFSAA is working with international partners to expand digital learning and introduce o...


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Parliament Backs Italian, French Loans for Reform, Infrastructure

Parliament has ratified two loan agreements worth a combined 124.6 million euros with the governments of Italy and France, approving both proclamations unanimously during its second emergency session of the fifth parliamentary term. The larger agreement secures a 70 million euro loan from Italy to provide direct budget support for the government's economic reform agenda. The concessional financing carries a 30-year repayment period, including a 16-year grace period, with no interest or servic...


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Ethio Re Seeks Capital Reset for Regional Expansion

Ethiopian Re-insurance Share Company (Ethio Re) is seeking a strategic capital adjustment to support its next growth phase as it marks a decade of operations. CEO Netsanet Lemessa said the company's capital has quadrupled over the past ten years but has declined in foreign currency value. Established in 2016 as the country's first indigenous reinsurer, Ethio Re has retained more than 90 million dollars in foreign exchange for the economy. Its assets have grown from 82 million Br to 5.3 billio...