Ethiopia and the World Bank signed Financing Agreements amounting to a total of 745 million US Dollars

Ethiopia and the World Bank signed Financing Agreements amounting to a total of 745 million US Dollars Ethiopia and the World Bank signed Financing Agreements amounting to a total of 745 million US Dollars Today January 26, 2023, the Ministry of Finance and the World Bank signed two Financing Agreements amounting to a total of 745 million US Dollars (approximately 39.8 billion ETB) both in the form of grants. The first Grant Agreement amounting to 445 million US dollars will finance to implement \Program for Results (hybrid) for Strengthening Primary Health Care Services. And the second 300 million US Dollars Grant Agreement will be used for the implementation of Flood Management Project. The Program for Results (hybrid) for Strengthening Primary Health Care Services will be used to improve access to and equitable provision of high quality primary health care services and to further strengthen health system. The resource for Flood Management Project will be used to stregthen Ethiopia’s institutional capacity for disaster risk management, and flood risk management in selected basins. The Agreements was signed by H.E. Mr. Ahmed Shide, Minister, Ministry of Finance and Mr. Ousmane Dione, Country Director for Ethiopia, Eritrea, Sudan and South Sudan, the World Bank, representing the Government of Ethiopia and the World Bank, respectively.

NORFUND INVESTS 21 Million USD TO INCREASE PRODUCTION OF EDIBLE OILS IN ETHIOPIA

NORFUND INVESTS 21 Million USD TO INCREASE PRODUCTION OF EDIBLE OILS IN ETHIOPIA Norfund and a consortium of private investors managed by 54 Capital announce $21 million growth capital investment into Ethiopia’s largest FMCG platform SAMANU. Increased local production of edible oil will create jobs, increase food security, and provide income for up to 200,000 smallholder farmers. SAMANU is a platform company with well-established brands operating in Ethiopia’s main FMCG sub-sectors (Tena Edible Oils, 555 and Aura Soap & Detergents, and Chef Luca wheat products). The investment by Norfund will fund the construction of a new solvent extraction plant to produce edible oils based on locally sourced sesame, sunflower and soya beans in its refineries. By reducing the dependency on imported raw materials, the investment aims to create jobs in value-addition and increase Ethiopia’s food security. The completion of a vertical integration project will also allow for increased export opportunities within the sectors the company already operates. To ensure enough volume of locally produced oilseeds for its refineries, the company intends to develop large oilseeds clusters in Ethiopia over the next six years, providing livelihoods for 200,000 smallholder farmers. In the first six months post investment, the objective is to identify 642 clusters and sign contracts with around 5-7,000 smallholder farmers. Norfund, through its Business Support Facility, plans to use grant funding to assist contracted smallholder farmers with inputs like high quality seeds, fertilizers, training and capacity building, as well as agricultural technology to boost productivity. Andreas Davidsen, Norfund’s VP of Scalable Enterprises – Agribusiness & Manufacturing, said: “We are excited to partner with SAMANU and support the execution of their vertical integration strategy, creating jobs and increasing food security. We strongly believe in the opportunities of local food production in Ethiopia and Norfund looks forward to working closely with the SAMANU management team and 54 Capital to help implement best in class practises and solutions”. SAMANU is already home to some of Ethiopia’s leading FMCG brands and has ambitious plans to expand its product offering to meet rising demand for high quality locally produced brands. The investment, Norfund’s first in manufacturing in Ethiopia, signals strong institutional backing for the platform. Saad Aouad, 54 Capital PE Advisors’ Chief Investment Officer, said: “It is a fantastic achievement for our investments in Ethiopia and our local management team to receive further institutional backing. It stands as testament to what we have been able to achieve in terms of nurturing high-quality popular brands and achieving scale through capacity expansion and how we intend to develop the next stage of the business. This investment demonstrates the robustness of this strategy for further enhancing the value chain within Ethiopia which will undoubtedly benefit from Norfund’s extensive experience across the continent”.

Is Mamo Mihretu’s appointment as Governor of the National Bank of Ethiopia a risky move?

Is Mamo Mihretu’s appointment as Governor of the National Bank of Ethiopia a risky move? Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia (NBE) has raised concerns among experts and economists in the country. Mihretu, a former World Bank staffer and chief trade negotiator for Ethiopia at the World Trade Organization, has been appointed to replace Dr. Yinager Dessie. Despite his achievements in other fields, Mihretu’s lack of education and work experience in the field of economics and the banking sector is a major concern. One of the main criticisms of Mihretu’s appointment is his lack of educational background in economics, as the Governor of the National Bank of Ethiopia is responsible for managing the country’s monetary policy, which is a complex and technical field that requires a deep understanding of economic principles and theories. Mihretu’s lack of formal education in economics raises concerns about his ability to effectively lead the NBE and make informed decisions about monetary policy. Additionally, Mihretu’s lack of prior experience in the banking sector is also a cause for concern. The banking sector is a highly regulated and technical field, and a governor of the NBE should have a deep understanding of the sector’s operations and regulations. Mihretu’s lack of experience in the banking sector raises questions about his ability to effectively lead the NBE and make informed decisions about the sector. Another concern about Mihretu’s appointment is his attachment with the International Monetary Fund (IMF) and World Bank, which has led to criticism that he may not be independent enough to make decisions that are in the best interests of Ethiopia. Moreover, Mihretu’s tenure as the economic advisor to the Prime Minister has not resulted in any tangible achievements, except rising inflation and privatization, which may not be the best outcome for the country’s economy. Lastly, Mihretu’s young age is also a point of debate, as the governor of the National Bank of Ethiopia is in a position of great responsibility, and his appointment at a young age raises questions about his experience and ability to handle the complex and challenging role. Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia (NBE) is not an isolated case of a person without proper educational background and work experience in the field of economics and the banking sector being appointed to lead a central bank. Similar appointments have been made in other countries, such as Kenya, Egypt, and Nigeria. In Kenya, for example, Patrick Njoroge, who was appointed as the Governor of the Central Bank of Kenya in 2015, had a background in economics and finance. Before his appointment, Njoroge had worked as an economist at the International Monetary Fund (IMF) and as a senior advisor at the Central Bank of Kenya. His educational background in economics and finance, as well as his prior experience in the banking sector, were considered to be key qualifications for the position of governor. Similarly, in Egypt, Tarek Amer, who was appointed as the Governor of the Central Bank of Egypt in 2016, had a background in economics and finance. Before his appointment, Amer had worked as a senior executive at the National Bank of Egypt and as an economist at the Ministry of Finance. His educational background in economics and finance, as well as his prior experience in the banking sector, were considered to be key qualifications for the position of governor. In Nigeria, Godwin Emefiele, the current Governor of the Central Bank of Nigeria, has a background in economics and finance. Before his appointment, Emefiele had worked as the Group Managing Director of Zenith Bank, one of the leading commercial banks in Nigeria. His educational background in economics and finance, as well as his prior experience in the banking sector, were considered to be key qualifications for the position of governor. In contrast, Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia raises concerns about his qualifications and experience in the field of economics and the banking sector. Despite his achievements in other fields, Mihretu’s lack of education and work experience in the field of economics and the banking sector is a major concern. In conclusion, it is important for a National Bank Governor to have a background in economics and finance and prior experience in the banking sector, as these qualifications are essential for the role of leading a central bank and making informed decisions about monetary policy and banking regulation. Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia raises concerns about his qualifications and experience in the field of economics and the banking sector, as well as his attachment with the IMF and World Bank and lack of tangible achievement as an economic advisor to the PM.

Mamo Mihretu Named Governor of National Bank of Ethiopia as Part of Government Reshuffle

Mamo Mihretu Named Governor of National Bank of Ethiopia as Part of Government Reshuffle Mamo Mihretu, a former World Bank staffer and chief trade negotiator for Ethiopia at the World Trade Organization, has been appointed as the new Governor of the National Bank of Ethiopia (NBE). He replaces Dr. Yinager Dessie, who had held the position since June 2018. Mihretu recently served as the Chief Executive Officer of Ethiopian Investment Holdings (EIH), a state-owned investment firm established last year. He also worked as a senior policy advisor in the Prime Minister’s office. Mihretu was named by The Financial Times as one of the young technocrats leading Ethiopia’s ambitious reform drive in 2019. The appointment of Mihretu as Governor of the NBE is part of a larger reshuffle of government officials in Ethiopia. Alemu Sime (PhD) has been named as the new Transport and Logistics minister, replacing Dagmawit Moges. Engineer Habtamu Tegegn and Dr Girma Amante have been appointed to lead the Mines and Agriculture ministries, respectively. This reshuffle comes after the recent discharge of four ministers by the Council of Ministers and the resignation of Chief Justice Meaza Ashenafi and Deputy Chief Justice Solomon Areda. On Saturday, the Council of Ministers held a farewell ceremony for the departing ministers, which Prime Minister Abiy Ahmed attended. Additionally, Tewdros Mihret has been appointed as the new Chief Justice, and Federal Supreme Court Judge, Abeba Embiale, has been appointed as the new Deputy Chief Justice. Veteran diplomat Ambassador Taye Atskesillassie, who recently served as the permanent representative of Ethiopia at the United Nations, has been appointed as the Prime Minister’s Foreign Policy Adviser. Other appointments include Almtsehay Paulos as Head of the Office of the Prime Minister and Minister of Cabinet Affairs, Deacon Daniel Kibret as Social Affairs advisor to PM Abiy Ahmed, and Melese Alemu as a minister-level Coordinator of Center for Democratization. Tags Cabinet Affairs Chief Justice Deputy Chief Justice ethiopia Ethiopian Investment Holdings Foreign Policy Adviser Government reshuffle Governor leadership shake-up Mamo Mihretu Mines and Agriculture ministry national bank of ethiopia Office of the Prime Minister Prime Minister's office reform drive Social Affairs advisor Transport and Logistics minister World Bank World Trade Organization

Japanese Venture capitalist to boost its investment in Ethiopian startups with a $100 million budget and partnership with Kazana Fund

Japanese Venture capitalist to boost its investment in Ethiopian startups with a $100 million budget and partnership with Kazana Fund Japanese Venture capitalist gears up to boost its investment in Ethiopian startups with a $100 million budget and partnership with Kazana Fund January 18, 2023, Addis Ababa, Ethiopia – The Tokyo-based venture capital firm Inclusion Japan (ICJ) in partnership with the early-stage startup investor Kazana Fund, calls on Ethiopian startups with pitch-ready ideas looking to secure significant capital funds, to take advantage of its upcoming exclusive event with an opportunity to secure capital ranging from $100,000 to $500,000. Local startups applying for the opportunity will have the chance to meet and discuss with senior executives from ICJ and Kazana Fund, where they can pitch their ideas as well as have a chance to become one of the eight startup businesses to receive a 100,000-birr prize along with the prospect of future investment from ICJ for a winning pitch. Teams wishing to meet with ICJ and Kazan Fund are required to send a PITCH video no longer than 10 minutes until the 23rd of January 2023 via [email protected]. The 10 minutes long PITCH video should include the following elements 1) Problem 2) Solution 3) Business Model 4) Market 5) Competitors, Competitive Advantage 6) Business Plan 7) Team. The exclusive event is part of a $100 million budget investment by ICJ that is planned to go towards the top Ethiopian startups with ideas revolutionizing a wide range of sectors. ICJ has already invested over $3 million in local startups such as Gebeya Inc, a SaaS-enabled pan-African marketplace. Remarking on the opportunity Yasuhiro Yoshizawa, Director and Co-founder of ICJ said” We are really looking forward to meeting more promising Ethiopian startups through this event.” Mr. Yoshizawa and his delegation will be traveling to Ethiopia to meet with representatives of local startups on issues like future investment plans among other topics. Mr. Yoshizawa along with Mr. Nishiguchi, the world-renowned marketer and ICJ fund advisor, Mr. Addis Alemayehu, Ethiopia’s serial entrepreneur and Group CEO of Kazana Business Group will be chairing the PITCH Day competition where participating teams will be presenting their winning ideas to secure the significant capital funding required to boost their business. Mr. Addis Alemayehou, Founding Partner at Kazana Fund, Chairman at Kazana Group for his part remarked that “ it is crucial for the local startup environment that the private sector becomes a primary development agent that fosters an enabling environment for Ethiopia demographic dividend, mostly represented by the youth, to build innovative businesses and create much-needed job opportunities.” To date, ICJ has invested in 16 startups under their ICJ No. 2 Fund. the venture capital firm started its operations in Africa with its first investments being in Ethiopian-based startups. Kazana Fund for its part recently made a major move with the launch of its Angel syndicate in line with its mission to democratize access to capital and network for exceptional African founders and accelerate the Growth of the continent’s digital economy. =Ends= About ICJ ICJ is one of Japan’s leading venture capital firms, with an investment budget of approximately $100 million and a track record of investing in unicorn companies such as the lunar exploration venture “Icespace,” which has raised over $250 million in total. About Kazana Fund Kazana Fund is an early-stage investor that has partnered with African-founded startups from day one. The fund recently announces the launch of its Angel Syndicate with a mission to democratize access to capital and network for exceptional African founders and accelerate the growth of Africa’s digital economy.

Ethiopia’s Banking Industry Gets a Boost with Abyssinia Bank’s Apollo App

Ethiopia’s Banking Industry Gets a Boost with Abyssinia Bank’s Apollo App Abyssinia Bank, one of Ethiopia’s leading financial institutions, is known for its unique virtual banking services. The bank’s latest release, the Apollo mobile banking app, is no exception. The app is the first of its kind in Ethiopia, allowing customers to open bank accounts without the need for a physical presence at a bank branch. One of the key features of Apollo is its seamless transfer capability, which allows customers to instantly transfer funds using EthSwitch and RTGS to other banks. This makes it easy for customers to move money quickly and easily between accounts. In addition to its transfer capabilities, Apollo also allows customers to make payments for services such as DSTV, and it has a built-in Visa payment service. This means that customers can use their Visa cards to make purchases directly from the app, without the need for a physical card. Another unique feature of Apollo is its ability to schedule payments, even when the user is offline in a remote location. This means that customers can set up payments to be made at a later date, even if they are not connected to the internet at the time. Abyssinia Bank’s virtual banking services have consistently set a high standard for the banking industry in Ethiopia. The Apollo mobile banking app is yet another example of the bank’s commitment to providing innovative and convenient banking solutions for its customers. With its user-friendly interface and range of features, it is sure to be a hit with customers looking for a more efficient banking experience. Tags abyssinia bank Apollo convenient ethiopia EthSwitch innovative mobile banking offline payments remote RTGS schedule payments services transfer user-friendly virtual banking Visa

Ethiopian Airlines Triples Frequency of Flights to Mekelle, Denies Age Restriction Allegations

Ethiopian Airlines Triples Frequency of Flights to Mekelle, Denies Age Restriction Allegations Ethiopian Airlines announced today that it will be increasing its flights to Mekelle from once a day to three times a day, in order to better serve passengers traveling to and from the city. “We are committed to providing our passengers with the best possible service and we believe that increasing the frequency of our flights to Mekelle will do just that,” said a spokesperson for the airline. “We would like to assure our passengers that rumors of daily flight cancellations are false and that we are operating normally.” Passengers can purchase tickets for flights from Addis Ababa to Mekelle through the airline’s booking center and ticket offices, and those traveling from Mekelle can purchase tickets at the Mekelle Airport Sales Office. The airline has also announced that it has not increased ticket prices on domestic flights, except for Mekelle, for the past eight months. In addition, Ethiopian Airlines has also denounced the recent allegations that it is restricting passengers from traveling based on their age. The airlines has stated that it does not have any policy of age restriction and welcomes all passengers who meet the travel requirements.

From Africa To Georgia: Ethiopian Airlines Announces Atlanta Flights

From Africa To Georgia: Ethiopian Airlines Announces Atlanta Flights From Africa To Georgia: Ethiopian Airlines Announces Atlanta Flights Atlanta joins Chicago O’Hare, JFK, Newark, Toronto, and Washington Dulles in having Ethiopian Airlines passenger flights. Ethiopian Airlines 787-9 landing-1Photo: Wirestock Creators I Shutterstock. Ethiopian Airlines has announced and put on sale Addis Ababa to Atlanta. It will be the sixth airport in the US and Canada served by Africa’s largest carrier on a passenger basis and the fourth destination in Africa for Atlanta, the world’s busiest airport. Taking off on May 16th, Ethiopian will launch a 4x weekly Addis Ababa-Atlanta service using its 315-seat Boeing 787-9s. Due to Addis Ababa’s high elevation, which impacts aircraft performance and range and means non-stops to the US aren’t feasible, it’ll refuel in Dublin en route but operate non-stop from the US. That’s the same setup for most of its other US and Canada routes. Now Ethiopian is coming. Thanks to the Ethiopian diaspora in and around Atlanta, the point-to-point market had around 15,000 roundtrip passengers. While still pretty small, it was still Atlanta’s fourth-largest African market. Ethiopian will supplement that with traffic bound to/from Eastern Africa in particular, but also elsewhere, especially Southern Africa. However, a two-stop outbound service (via Addis and Dublin) will be less competitive than other options, suggesting it’ll compete more on price and going to places others don’t.

Emirates holds assessment days to recruit cabin crew in Ethiopia.

Emirates holds assessment days to recruit cabin crew in Ethiopia. Addis Ababa, Ethiopia, January 12, 2023 – Emirates, the world’s largest international airline, is looking for candidates to join its multinational cabin crew team with assessment day planned in Addis Ababa on the 17th of January. The Dubai-based airline is looking for individuals who are passionate about delivering simple yet personalised and impeccable hospitality while creating memorable moments for its customers. Safety being one of Emirates’ highest priorities, the ideal candidate will lead confidently and take control when it comes to managing aircraft services, security, and safety procedures. All Emirates crew will receive a world-class learning experience at the airline’s state-of-the-art facility in Dubai. Applicants hoping to give their careers an epic take-off are required to submit an on-line application with an up-to-date curriculum vitae (CV) in English, and a recent photograph. Further information about the requirements for the selection process can be found here. Candidates will need to come prepared to spend the full day at the venue. Emirates’ truly global cabin crew team represents 160 nationalities, reflecting its customer mix and international operations in over 130 cities on six continents utilising a modern fleet of over 200 all wide-body aircraft. The airline is the largest global operator of the Boeing 777 and the Airbus A380 aircraft. Emirates offers candidates outstanding career opportunities, with excellent training facilities and a broad range of development programmes for its employees. All Emirates crew are based in the exciting cosmopolitan city of Dubai and enjoy an attractive employment package which includes a variety of benefits such as a tax-free salary, free company-provided accommodation, free transport to and from work, excellent medical cover as well as exclusive discounts on shopping and leisure activities in Dubai. Emirates’ growing global network offers many travel opportunities across the airline’s six continents-spanning network. Emirates’ cabin crew enjoys attractive concessional travel benefits for themselves as well as their families and friends to all destinations that the airline flies to. Emirates has been flying to Ethiopia for 17 years and currently offers once-daily flights to and from Addis Ababa.