Archive for category: Uncategorized

Ethiopia and the World Bank have signed a loan agreement of $100 million for the women entrepreneurship development project (WEDP).

The project aims to increase the earnings and employment of Micro and Small Enterprises (MSEs) owned or partly owned by female entrepreneurs.

The project will also provide business trainings to female micro and small business-owners registered with the WEDP program as well as technical assistance to implementing agencies such as TVET colleges and city MSE development offices.

The agreement was signed here today by State Minister of Finance, Yasmin Wohabrebbi, and World Bank Country Director for Ethiopia, Sudan, South Sudan and Eritrea, Ousmane Dione.

Yasmin said, “the timely response, to reach those that have been highly impacted by the pandemic is critical in ensuring the financial sector has adequate liquidity to reach MSEs to reduce the loss of livelihoods and jobs.”

She also explained the importance of developing tailored financial instruments, which allow MSEs to survive during challenging times saying “Women-owned businesses are disproportionately affecting by limited access to credit because they are less likely to present collateral guarantees to access credit”.

The State Minister also emphasized inclusive growth and economic empowerment of women and youth are at the center of Ethiopia’s development agenda.

Ousmane Dione for his part said “the Bank has been working to open doors for female entrepreneurs in Ethiopia by providing the necessary finance, skills, services and support they need to grow their business in order to grow their earnings and create jobs for Ethiopians.

“The WEDP additional financing aims to secure the gains made by the previous phases of the project which have been rated highly satisfactory due to its innovative and effective model of reaching women entrepreneurs.

“The project, in the past, has helped Microfinance Institutions (MFIs) upscale to reach women entrepreneurs, who often fall in the category of underserved market segments.

“The project has enabled first-time borrowers to access loans through introducing innovative approaches such as data-driven credit scoring technologies, which can predict the ability of a borrower to repay a loan and in turn have significantly reduced collateral requirements.”

Council members of Washington D.C. have unanimously approved the “Little Ethiopia” Ceremonial Resolution.

The 9th and U Street business corridor located in the Shaw neighborhood in Washington DC named “Little Ethiopia”.

The inaugural ceremony held today with the presence of Ambassador Fitsum Arega, DC Council Member Brandon T. Todd, religious leaders, DC Council officials, Ethiopia community members and other invited guests.

Ethiopian Ambassador to the US, Fitsum Arega has extended gratitude to Mayor of D.C. Muriel Bowser and member of the council Brandon T. Todd for championing the efforts and contributing to the approval.

The ambassador also thanked members of the Ethiopian American Business Community for promoting the initiative.

Member of the D.C. Council Brandon T. Todd said Ethiopia stands a symbol for all African people in their struggle for freedom, dignity and respect.

Ambassador Fitsum tweeted “I believe today’s recognition of “Little Ethiopia” will further bolster and strengthen the social and cultural ties between Addis Ababa and Washington D.C.

Ethiopia’s Deputy Prime Minister and Foreign Minister, Demeke Mekonnen has held talks with the first Deputy Chairman of the Transitional Sovereign Council of Sudan, Lt Gen Mohamed Hamdan Dagalo.

Demeke and his accompanying delegation arrived in Khartoum yesterday to participate at the second high-level political committee meeting on border issues between Ethiopia and Sudan.

Demeke and Dagalo, aka Hemeti, discussed the bilateral relations between the two countries and ways to strengthen them.

In a related development, Ethiopia’s Minister of Transport, Dagmawit Moges, met with Sudan’s Minister of Infrastructure and Transport, Hashim bin Auf.

Chaired by the Railway Authority of Sudan, the meeting was attended by Walid Mahmoud, Director of the Railway Authority and Hisham Abu Zeid Director of the Land Transport Unit of Sudan.

The meeting discussed on railway project linking Ethiopia and Sudan, which is estimated to be 1,512km, including 594km in Ethiopia and 918km in Sudan.

It also touched on issues of passengers land transport and discussed the impact of the coronavirus, which led to the weak movement of passengers and goods between the two nations.

Dagmawit also exchanged views with Yasser Timo, director of Sudan Airways on aspects of cooperation between airlines of the two countries.

Prime Minister Abiy Ahmed held phone talks with IMF Managing Director Kristalina Georgieva on various issues.

The two discussed measures to be taken in order to close the wealth gap and ways of working together on climate challenge through the Green Legacy initiative and global cooperation for economic recovery from COVID19.

The premier underlined that the call was productive in terms of addressing points of the conversation.

Prime Minister Abiy Ahmed has held discussion with residents of Metekel zone, Benishangul Gumuz regional state.

The meeting was attended by Chief Administrator of the state, Ashadli Hassen, Minister of Peace, Muferihat Kamil, National Defense Force Chief of Staff, General Berhanu Jula and other government officials.

The discussion mainly focused on ways to stop the recurring peace and security problems in the areas and find lasting solution.

Speaking on the occasion, the Prime Minister indicated that unity is the only option for Ethiopians to maintain peace and preserve unity of the country.

Government’s efforts to swiftly halt the problem in the region are hampered by the presence of many actors, he said, adding attention will be paid to restore peace.

He called for the ongion law enforcement operation in the zone to be conducted impartially and also urged leadership at all levels to discharge their responsibilities to return peacefully those forces that went to the bush after taking mission from the TPLF junta.

He further urged the regional state to organize unemployed youth and engage them in various sectors by taking advantage of the natural resource available in the region.

He finally called on traditional elders, religious leaders, youth and women’s associations to maximize their efforts besides government’s ongoing measures to bring lasting peace in the region.

Participants of the discussion for their part blamed irresponsible social media use and TPLF’s 27-years of conspiracy politics for the lack of sustainable peace in the region.