Ethiopia Attracts USD 700 mln FDI in first quarter
Ethiopia has attracted USD 700 million in Foreign Direct Investment (FDI) during the first quarter of the on-going fiscal year.
In his report to the House of People’s Representatives, Trade and Industry Standing Committee, the Commissioner of the Ethiopian Investment Commission, Abebe Abebayehu, said the country has achieved 70 percent of the plan which was projected to bring over a billion US dollars in investments during the stated period.
The country attracted the investments from close to 100 new foreign companies being operational in various sectors, the report revealed.
Abebe stated that the achievement has shown a 13 percent increase compared to the same period of the last budget year.
The Commissioner said that Ethiopia has still not been earning the expected foreign currency from its manufactured products due to lack of peace and stability, repeated power outages and inadequate infrastructure around the industrial parks.
He particularly noted that the recent instability of the country is affecting the investment flow. (ENA)
Voith wins Gilgel Gibe II contract
Voith has signed a comprehensive service and operations consultancy contract for the Gilgel Gibe II hydropower plant in Ethiopia.
The agreement was signed during the G20 Investment Summit on November 19 in Berlin, Germany, by the Ethiopian Minister of Water, Irrigation and Electricity Seleshi Bekele (PhD) and Mark Claessen, Managing Director Voith Hydro East Africa.
The signing ceremony was attended by Peter Altmaier, the German Federal Minister for Economics and Energy.
The central aspect of the two-year service and operations consultancy contract is the optimization of the energy production of the 420MW project.
Voith’s scope of supply comprises the modernization of the maintenance systems, implementation of digital solutions and knowledge transfer through special training programs.
All local activities are exclusively provided by Ethiopian Voith experts.
“Together with the plant operator Ethiopian Electric Power we want to utilize the whole potential of the hydropower plant Gilgel Gibe II. We succeed in this by reducing unplanned downtimes and failures to a minimum,” said Mark Claessen. (FBC)
Ethiopian families to benefit from multimillion-dollar project
A new USD 451 million project is to benefit Ethiopians most venerable families – a move that will boost their resilience to climate shocks.
A financing agreement for the Lowlands Livelihood Resilience Project was inked on Tuesday between Ethiopia and International Fund for Agricultural Development (IFAD) in Rome, Italy.
The agreement was signed by Zenebu Tadesse, Ambassador and Permanent Representative of Ethiopia to the UN Food and Agriculture Organization (FAO) and Gilbert Houngbo, President of IFAD.
The funding includes a USD 90 million loan from IFAD and USD 350 million in co-financing from the International Development Association (80 percent loan and 20 percent grant) and USD 11 million from the beneficiaries themselves.
The project, primarily designed to help achieve Sustainable Development Goals 1 and 2, which is eradicating poverty and hunger, will install small-scale irrigation technology to reduce dependence on erratic rains.
Moreover, the project will help smallholder farmers to invest in research systems for faster adaptation to climate change, it was indicated. (ENA)
Ethiopia fulfilling needs of refugees, asylum seekers: UNHCR
Ethiopia, one of the largest refugee-hosting countries in Africa, has been properly fulfilling basic needs of refugees, according to United Nations High Commissioner for Refugees (UNHCR).
In its November Fact Sheet, the UNHCR said Ethiopia has been executing refugee programs to ensure that their basic needs are met.
The UNHCR acknowledges that Ethiopia has been implementing refugee projects on education, health, food security and nutrition, shelter, water and sanitation, access to energy, among other areas that would adequately ensure the benefit of refugees.
Following the programs, some 255 refugee students have been placed in different public universities throughout the country in this academic year, joining hundreds of others who have already been enrolled in the previous years.
However, shelter has remained a problem, as 131,186 households, equivalent to 54 percent of the total refugee population are in need of transitional shelter solutions.
According to the UNHCR, 40,000 transitional shelters are targeted to be constructed country-wide by the end of 2019. (ENA)