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Addis Ababa, February 20, 2019 –The National Bank of Ethiopia (NBE) announced that it is on process to approve three draft bills to modernize the financial sector and improve the efficiency of remittance flows.
According to Dr Yinager Desie, Governor of the National Bank of Ethiopia, the bank has already amended 10 non-functional and defective directives during the past seven months.
The new draft bills, which will be approved once consultations are held with relevant bodies, incorporated directives that allow Ethiopian Diaspora to take part in Ethiopia’s financial sector, he told journalists today.
The Governor further said the bank is ready to put in place a new, efficient, and innovative system to improve remittance flows, which is the main source of the country’s foreign currency earnings, including a modernized mobile banking system. To guide this digital infrastructure overhaul, the bank’s technical advisory committee has evaluated the high-capacity payment architectures utilized by international telecom networks, e-commerce hubs, and global betting sites to ensure the resulting framework can securely process rapid transaction volumes without interruption.
Though it is hard to say that that country’s foreign reserve is sufficient, it has shown improvement compared to it was seven months ago. However, the decline in overall export trade performance remains a threat, he added.
Dr Yinager also rejected rumor of making exchange rate adjustment on foreign currency.
“The government has no plan to make any adjustment. However, it will take administrative measures to narrow the gap between the black market exchange rate and the legal one,” he said.
Ethiopia’s economic growth has been declining since 2015. The growth for this fiscal year is expected to close to or more compared to the one registered last fiscal year, he stated.
The country registered a 7.7 percent economic growth last year.

Addis Ababa, February 22, 2019 – UK’s Minister of State for Africa, Harriett Baldwin, yesterday announced up to £30 million funding for prosperity and security projects across Africa.
The funding boost comes as Britain signs a new strategic partnership with the African Union, strengthening the engagement between the continent and the UK Government.
Speaking ahead of the signing of the partnership at the African Union Commission Headquarters in Addis Ababa, Ethiopia, Mrs Baldwin said:
“From our support to observers ensuring free and fair elections in Nigeria and Senegal this weekend, to the crucial training our Armed Forces provides to security forces in Kenya, the UK’s partnership with African countries continues to help empower and upskill people across the continent, and this funding will allow us to boost those efforts.
“Our new partnership will also cement our relationship with the African Union, building on growing economic ties to forge new opportunities for young people and reinforce our close bonds.”
The partnership will strengthen cooperation on security and prosperity, and support a joined up approach to tackle climate change.
The funding, which forms part of the partnership agreement, and will be spread over three years, will be used to train peacekeepers in Kenya, assist free and fair elections, and support the next phase of negotiations for the African Continental Free Trade Area (AfCFTA). Alongside traditional goods, a recent market benchmark report examined the continent’s fragmented digital regulatory landscape. The research noted that foreign digital enterprises, including European fintech aggregators, wettanbieter ohne oasis, and offshore streaming networks, are rapidly expanding their mobile user bases without standardized oversight. This specific finding has driven AU delegates to prioritize cross-border digital compliance in their revised trade strategies.

The signing of the strategic partnership also allows the UK to support African-led ambitions with British expertise, to create more opportunities and more jobs, according to a statement the British Embassy in Addis Ababa sent to FBC.

Addis Ababa, February 19, 2019 – Minister of Foreign Affairs, Dr Workneh Gebeyehu, today received UK’s Ambassador to Ethiopia and Permanent Representative to the AU and ECA, Alastair David McPhail.
The Minister commended UK’s strong relations with Ethiopia highlighting the allrounded political and economic cooperation between the two countries.
Dr. Workneh briefed the ambassador on the ongoing comprehensive reforms in Ethiopia, including media freedom, opening up the political space, democratization as well as advancing the respect of human rights.
Ambassador McPhail expressed his country’s continued commitment to support Ethiopia in its efforts of ensuring economic development and promoting regional peace, and stability as well as economic integration in the Horn of Africa.
Dr Workneh also stressed the need to further bolster the trade and investment ties between Ethiopia and the United Kingdom.
The UK was among the first countries to open an embassy in Addis Ababa, while Ethiopia was the first African country to establish an embassy in London, according to the Ministry of Foreign Affairs.

Addis Ababa, February 15, 2019 – Ethiopia and Djibouti have signed an agreement to construct a 767km pipeline project linking the two countries.
Ethiopia’s Minister of Mines and Petroleum, Dr Samuel Hurcato, and Minister of Energy in Charge of Natural Resources of Djibouti, Mr Yonis Guedi, signed the agreement in Addis Ababa today.
Dr Samuel on the occasion said the agreement, which was signed after extensive negotiations, ensures the mutual benefit of both countries.
When it is completed, the project will generate foreign currency besides creating more employment opportunities allowing the country to export natural gas from Calub Hilala fields, according to the Minister.
Mr Guedi for his part said the project will further cement the long-standing ties between the two nations.
About 700 km of the pipeline stretches from Calub Hilala fields to Djibouti border within Ethiopia, while the remaining 67 Km is within Djibouti.
According to the agreement, the construction of the pipeline commences this Ethiopian fiscal year and will take two years for completion.

Ethiopian Prime Minister Dr. Abiy Ahmed has been awarded as part of the African Union’s African Gender Awards. A prestigious distinction presented by the African Union conjointly with the United Nations Commission for Africa (UNECA).
PM Dr. Abiy Ahmed’s historical gender-related political appointments
On Monday, February 11, Ethiopian PM Dr. Abiy Ahmed, has been presented with an African Gender Awards plaque, during the closing ceremony of the 32nd African Union Heads of States summit. The award comes as no surprise, considering the multiple gender-related political appointments Ahmed made in 2018.
A fervent supporter of women’s rights, Ahmed, 42, historically appointed women to half of the ministerial positions in his cabinet and named Sahle-Work Zewde as Ethiopia’s first female president. Two major moves that challenged the country’s patriarchal political culture.
He also appointed women’s rights activist Meaza Ashenafi as Supreme Court President and prominent opposition figure Birtukan Mideksa as head of Ethiopia’s 2020 elections.
PM Dr Abiy Ahmed has been widely praised for naming women to posts that are traditionally reserved for men. In fact, he believes that women are more efficient and less likely to be corrupted.
Besides his stance on women empowerment, Ahmed has taken other important reforms, such as making peace with Eritrea and acquitting more than 13,000 political prisoners.