Wednesday, July 24, 2024

Ethiopia signs USD 201 mln loan agreement with Danish government

The Government of Ethiopia has signed a loan agreement amounting to USD 201 million with the Government of Denmark on May, 24, 2018.

It is the first agreement for the Government of Denmark to give support in the form of loan to Ethiopia through the Danish International Development Agency (DANIDA), which is under the Ministry of Foreign Affairs of Denmark. DANIDA provides humanitarian aid and development assistance to other countries, with focus on developing countries.

According to a press release issued by the Ethiopian Ministry of Finance and Economic Cooperation (MoFEC), the loan will be used to finance the Assela Wind Farm project, in the Oromia Regional State.

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The project would be contributing a lot to Ethiopia’s target of increasing renewable energy generation capacity and access to electricity, the press release added.

Admasu Nebebe, state minister at the Ministry of Finance and Economic Cooperation, and Mette Thygesen, Ambassador of Denmark to Ethiopia, signed the agreement on Thursday on behalf of their respective governments. (Press Release)

CBE to open branch in South Africa

As part of its efforts to expand its reach in Africa, the Commercial Bank of Ethiopia (CBE), the country’s largest and most profitable state-owned bank, has finalized its preparations to open a branch in the Republic of South Africa in the next Ethiopian fiscal year.

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The bank is conducting market and other necessary studies to open its branch, Bekalu Zeleke, Chief Executive Officer of CBE told Fana Broadcasting Corporation on May 24, 2018. 

The bank has also finalized preparations to open a branch in the Sudanese capital Khartoum within the coming three months, Bekalu told Fana Broadcasting Corporation.

According to the CEO, the move by the Commercial Bank of Ethiopia is to improve its presence in Africa. It would increase the competitiveness of the bank, besides generating foreign currency for the country, Bekalu said.

The bank, according to the Chief Executive Officer, is cooperating with the Germany-based Frankfurt School of Finance and Management to provide its employees with the necessary international banking skills. (FBC)

Troika urges IGAD to take measures against violators of ceasefire 

Troika has urged the Intergovernmental Authority on Development (IGAD) to take institutionalized measures against perpetrators and violators of the ceasefire agreement signed by all South Sudanese parties.

Special Envoys of UK, US and Norway stressed that IGAD and the AU should demonstrate their commitment in brining lasting peace to South Sudan by taking institutional measures against violators in accordance to the investigation of Ceasefire and Transitional Security Arrangements Monitoring Mechanism (CTSAMM). 

In a press briefing they gave to journalists yesterday, Troika recognized recommitment of the parties to respect the cessation of hostilities agreement and emphasized on “the violence must stop”.

Noting that the CTSAM has reported 19 violations of the ceasefire agreement since its signing on December 21, 2018, US Envoy Shoo-Can said: “It is time to enforce the agreement and hold the violators accountable.”

“The parties cannot hope to reach peace or narrow the trust deficit without first silencing the guns and protecting the population within South Sudan,” he said. (ENA)

US airstrike in Somalia against al-Shabab kills 10 fighters

The United States military on Thursday said it has carried out an airstrike outside Somalia’s capital, Mogadishu, which it said killed 10 extremists.

The US Africa Command (AFRICOM) said it has carried out 14 such airstrikes so far this year against the Al Qaeda-linked Al Shabaab extremist group, which continues to hold some rural areas of the Horn of Africa nation.

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Dozens of US airstrikes were carried out last year after President Donald Trump’s administration approved expanded military operations against the militant group Al Shabaab, which is based in Somalia and was blamed for an October truck bombing in Mogadishu that killed more than 500 people.

The new statement from Pentagon said the US military has assesses that no civilians were killed in Wednesday’s strike, which took place about 15 miles southwest of the capital city of Somalia, Mogadishu. The US has faced accusations in recent months of killing civilians in joint operations with Somali forces against the militant group, Al Shabaab. (AP)

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