National Bank of Ethiopia grants license to 8 new banks

National Bank of Ethiopia grants license to 8 new banks National Bank of Ethiopia announces licenses to eight new banks Fraser Ayalew, Director of  Banking Control at the National Bank of Ethiopia said several banks are applying for licenses following the ongoing reforms in the financial sector. He recalled that the National Bank of Ethiopia (NBE) has increased the minimum capital required to establish a bank in October 2014 from 500 million to 5 billion birr. According to the director, 8 out of the 25 new banks that have applied for a license have been granted licenses by eight banks. In addition to the eight banks licensed by the National Bank of Ethiopia, three banks are finalizing the process and will receive it in less than three months, he said. He said the National Bank of Ethiopia (NBE) would monitor the process from the beginning of the pre-application process until the issuance of licenses. Similarly, three small financial institutions have met the requirements of the National Bank of Ethiopia (NBE) in 2012 EC. Two other small financial institutions are in the process of obtaining a license, he said. He said the banking sector has created direct jobs for more than 120,000 people and the arrival of new banks has greatly contributed to the provision of alternative services and job creation. The National Bank of Ethiopia (NBE) has so far issued licenses to 28 banks, ENA reported. Tags commercial bank of Ethiopia Ethiopian Business News ethiopian news National Bank of Ethiopia (NBE)

The Federal Government has allocated 12 billion birr to Tigray State

The Federal Government has allocated 12 billion birr to Tigray State The Federal Government has allocated 12 billion birr to Tigray State out of the total budget allocation for the states for 2015. Out of the total 786 billion birr budget presented for the 2015 fiscal year, 71 billion birr for Oromia, 44 billion birr for Amhara, 26.5 billion birr for southern nations, nationalities and peoples, 20.5 billion birr for Somali region, 6.4 billion birr for southwestern Ethiopia and 8.4 billion for Sidama region. Similarly, 6.2 billion birr for Afar, 3.7 billion birr for Benishangul, 2.4 billion birr for Gambella, 1.5 billion birr for Harari, 3.2 billion birr for Addis Ababa city administration and 1.8 billion birr for Dire Dawa city administration. The House of Peoples’ Representatives, in its regular session on Jun 8, 2022, discussed the 2015 draft budget, which was chaired by the Council of Ministers. Billion birr allocated. Debt settlements account for 125 billion birr, 84 billion birr for defense, 66 billion birr for roads and 64 billion birr for education. A total of 477 billion birr is expected to be collected from the federal government’s domestic revenue sources and foreign loans in the current fiscal year, Finance Minister Ahmed told parliament. The government will receive 266 billion birr in domestic revenue in 2015, 438 billion birr in domestic revenue and the rest from project loans and grants. He said 234.4 billion birr net deficit will be accounted for in the 2015 General Budget, which accounts for 3.4 percent of GDP. He said 224 billion birr will be used to cover the budget deficit from domestic loans and 6.9 billion birr net loans. However, he added that development partners have significantly reduced their development support, especially in the form of budget support. On the other hand, the government had set a target of 8.5 percent economic growth in the coming fiscal year 2014, but the economic slowdown was slower than expected due to the CVD-19 epidemic and instability in some parts of the country, especially in the war-torn northern part of the country. He said it could drop by 7 percent. Tags Ahmed Shide budget ethiopian news

The 2022 Draft Budget focuses on debt relief, reconstruction of war-torn infrastructure,

The 2022 Draft Budget focuses on debt relief, reconstruction of war-torn infrastructure, The 2022 Draft Budget focuses on debt relief, reconstruction of war-torn infrastructure, humanitarian assistance to the victims and national security: Ahmed Shede Addis Ababa: May 30, 2014 (FBC) The 2015 Federal Government Draft Budget has been prepared with a focus on debt relief, reconstruction of war-damaged infrastructure, providing humanitarian assistance to the affected people and safeguarding national security, Finance Minister Ahmed Shede said. The Minister briefed the House of Peoples’ Representatives on the 2015 Federal Government Draft Budget. Minister Ahmed told the House that the Federal Government’s draft budget for the 2015 fiscal year has been prepared to alleviate the current pressure on fiscal policy. He said the preparation of the 2015 draft budget, which is 786.61 billion birr, is based on the country’s macroeconomic forecast. He said the country is expected to end the war and create a favorable macroeconomic economy.He said the country’s economy is projected to grow at 6.6 percent, lowering the forecast for economic growth and drought in the arid areas. He said the country’s economy is expected to grow by 9.2 percent in the current fiscal year. Regarding inflation, it was 36.6 percent in April, he said, adding that it would be difficult to reduce inflation to single digits in the short term. He said it is planned to reduce inflation to 11.9 percent by implementing the necessary policy and structural measures in the 2015 Ethiopian budget year. He said the draft budget would go a long way in easing the current pressure on fiscal policy. He noted that promising economic reforms were beginning to take shape through the strong implementation of the Indigenous Economic Reforms (IEP), which was supposed to help stabilize the volatile macroeconomic balance in Ethiopia.He said significant economic reforms implemented in Ethiopia in recent years have created the capacity to withstand the effects and challenges. He noted that the Ethiopian economy was facing many challenges and that the economic growth of many countries in the world had slowed down over the past two years. He noted that inflation has been a double-digit pace in the past two years and in the current fiscal year, adding that it is still a challenge for the economy. He noted the need for fiscal and monetary policy as well as integrated measures to address the supply chain and related problems. He said the government has allocated huge sums of money to subsidize the supply of basic commodities such as oil, sugar, wheat and other commodities. He said the 2015 Federal Budget focuses on debt relief, reconstruction of war-torn infrastructure, providing humanitarian assistance to war-torn and natural disasters, and national security. He said the budget deficit is higher than in the previous budget, but care should be taken not to negatively affect the price. He said the draft budget has increased compared to last year but is not enough in terms of the country’s development needs. Therefore, they say, the executive should use savings effectively. He also urged the executive to adhere to the government’s procurement system and to follow cost-effective procedures. He also called on the House of Peoples’ Representatives to support the ministry in its monitoring and oversight. Tags Ahmed Shide Ethiopia Budget

World Bank pledges $ 195 million to support health sector in Ethiopia

World Bank pledges $ 195 million to support health sector in Ethiopia The World Bank has provided $ 195 million to support the health sector in Ethiopia and to provide CV-19 vaccine to its citizens. Funding will also support Ethiopia’s efforts to make CV-19 vaccines available nationwide and rehabilitate conflict-affected public health facilities. In addition to helping the underprivileged health system in Ethiopia, the current funding will help increase the coverage of CVD-19 vaccine below 30 percent and reduce the spread of CVD-19 by expanding immunization activities across the country, said Osman Dion, Director of the World Bank in Ethiopia. In terms of maternal and child health, access to nutrition and other key services, the funding will contribute to the delivery of conflict-affected rural areas and vulnerable communities, as well as Ethiopia’s health system. In addition, the support will be used by Ethiopia to purchase CVD-19 vaccine, supply hospital inpatient unit (ICU) equipment, improve the treatment of patients with CVD-19 and other diseases, and train community health professionals. According to the Ministry of Finance, the grant will support Ethiopia’s efforts to deliver CV-19 vaccine to 60 percent by the end of 2023. An additional $ 195 million has been provided by the World Bank, which has provided $ 495 million in financial assistance to Ethiopia. Tags ethiopian news World Bank

Transport tariff reform to be implemented in the capital

Transport tariff reform to be implemented in the capital Transport tariff reform to be implemented in the capital tomorrow Addis Ababa: May 30, 2014 (FBC) The Addis Ababa Transport Bureau announced that it has revised its transport service tariff. The tariff increase is said to be in line with global oil prices. According to Yirgalem Berhane, Deputy Head of the Addis Ababa City Administration Transport Bureau, the tariff has been improved on Medi-bus and mini-bus service vehicles in the capital. Addis Ababa City Transport Bureau announced that it has increased the price of transportation from 0.50 cents to 3 birr 50 cents starting tomorrow. Thus, the minibus increased by 0.50 cents upto 2.00 birr depending on the destination and the minibus increased from 0.50 upto 3.50.

The third phase of the Renaissance Dam filling to begin in July

The third phase of the Renaissance Dam filling to begin in July The third phase of the Renaissance Dam filling is expected to begin in July Testing of the second turbine has already begun. It has been almost three months since the first turbine start generating power. A senior official of the Renaissance Dam, who spoke on condition of anonymity, told The Reporter that the flow of water into the dam has been increasing since mid-June. He said work is underway to increase the height of the dam to accommodate the expected amount of water entering the dam this year. He said the maximum amount of water will be seen in August, as the water level varies and increases in the months following the onset of winter. He expressed hope that the required amount of water would be available in July and that the water would flow to the dam in August. Tags ethiopian news ethiopian news today Ethiopian Newspaper GERD Great Ethiopian Renissance Dam

Black Market exchange depreciating after NBE reduced its presence in Togo-Wuchale

Black Market exchange depreciating after NBE reduced its presence in Togo-Wuchale The black market is depreciating sharply following the National Bank’s move Last week, the National Bank of Ethiopia (NBE) decided to reduce the number of bank branches in Togo-Wuchale, a border town, according to local sources. The town of Togo, located on the border between the Somali region and Somaliland, is known for its border trade and illegal trade. The National Bank of Ethiopia (NBE) has said that the role of banks is playing a role in the expansion of illicit trade. As a result, local bank branches have been downgraded to curb illegal activities. As a result, the banks will only be able to deposit and withdraw money for local residents. Transferring, financing, and providing foreign exchange services will not be permitted under the ban. Sources familiar with the matter say the trade has shifted to the southeastern border town, especially after the government imposed a tax on luggage from Dubai. According to sources, there has been a significant increase in the amount of luggage being transported through Jijiga Airport to the interior. One of the reasons for this is that the previous importers from Dubai will receive the goods through Jijiga, their partner, and the goods will be shipped via Togo, via Togo. As a result, there has been an increase in remittances to the border town, according to sources. However, he said that with the new system implemented by Ibba since last Thursday, the movement has been weakening. According to sources at Jijiga Airport, the number of merchants and freighters has declined sharply over the weekend. According to a check by Capital on Sunday, no traders were seen on the four flights departing from Jijiga on Saturday. According to sources, the government may study the illegal trade with the cooperation of customs officials. However, NBE decision has also significantly reduced the illegal currency market. In Togo, the price of a dollar fell from 82 birr on Thursday to around 72 birr the next day and to 67 birr on Saturday, the second day of the new system. The parallel exchange rate is also said to be declining across the country. Tags blackmarket exchange ethiopian news

ZayRide won a legal battle over Hybrid (Ride)

ZayRide won a legal battle over Hybrid (Ride) ZayRide won a legal battle over Hybrid (Ride). Two years ago Ride sued Zayride for using the word Ride in their brand. The court battle resulted in the suspension of Zayride Bank account. ZayRide is an on-demand taxi and ambulance dispatching application that connects riders and drivers. It also has a delivery service. Tags Feres ride zayride

Ministry of Innovation & Technology Sets Up More than 16 Tech Hubs

Ministry of Innovation & Technology Sets Up More than 16 Tech Hubs Ministry of Innovation and Technology says more than 16 technology incubation centers have been set up in different cities of the country. More than 16 technology incubation centers have been set up in Addis Ababa and other regional cities, according to the Ministry of Innovation and Technology. The new science, technology and innovation policy has created a conducive environment for private incubation centers to play a leading role, he said. More than 16 incubation centers have been set up in Addis Ababa and other regional cities to promote creative, market-oriented people, he said. He said five of these centers are operating in Addis Ababa. He said most of the centers outside are run by the regional science, technology and innovation bureaus. He said government incubation centers will be equipped with digital libraries and workshops to promote the culture of science, technology and innovation. He said one or more incubation centers have been set up in most regions. In addition to the incubation centers to be built in each region, a new study is underway in educational institutions, civil society and government institutions to develop new practices that will significantly enhance the culture of science, technology and innovation and improve the innovation ecology, he said. He said private sector incubation centers, one of the key players in the innovation ecosystem, are working hard to bring creative people to production and services. He said the expansion of private incubation centers is a priority and recommended at the Ethiopian level. In particular, he said, a number of creative young people and young people have been helped in collaboration with existing incubation centers such as XHub, Iceaddis and Blue Moon. He said the incubation centers are being created with the support and care of various creators to create innovative ideas for the business. He also said that by connecting with various universities and industries, it will enable young people to gain experience.