Zemen, ECX Tee Up for Transactions

Jan 18 , 2020

Zemen Bank became the last existing bank to partner with the Ethiopian Commodity Exchange (ECX) for payment transactions. Wondimagegn Negera, CEO of ECX, and Dereje Zebene, CEO of Zemen Bank, signed the partnership agreement on January 15, 2020. The ECX operates 5,250 accounts at 16 banks with more than 170 non-member sellers and 21,000 customers. Working with the banks for the past 11 years, 255.3 billion Br was deposited into the account of the ECX, while 247.5 billion Br was withdrawn from ECX's account. ECX's first partnership agreement was signed with two banks, Commercial Bank of Ethiopia and Dashen Bank.


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...