World Bank Pledges $200m to Advance Technical, Vocational Training

Jun 4 , 2022

The World Bank Group (WBG) has pledged to support 200 million dollars to advance technical and vocational skills development in Ethiopia. The deal was reached after discussions between officials of the Ministry of Labour & Skills and the World Bank was held last week. The World Bank is building 16 excellence centres in three African nations, including Ethiopia. Seven of these centres will be located in Ethiopia and will target technical and vocational training accessibility and quality. A month ago, a financing agreement worth 300 million dollars was also signed between the Bank and the Finance Ministry for the reconstruction and rehabilitation of conflict-affected areas in the northern and central parts of the country.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...