Alula NereaForeign aid has become a key cornerstone of governments’ budget in developing countries like Ethiopia. Despite the widely believed narration of Western governments aiding the developing world, there are concrete arguments showing that it is, in fact, the developing world that is supporting the development of the Western world. According to a 2014 report, Africa receives about USD133.7 billion each year from official aid, grants, loans to the private sector, and remittances, among others.
Samson BerhaneOromia International Bank (OIB) earned ETB217 million profit from interest free banking services (IFB) in the past fiscal year. While this is the highest amongst all private banks that provide IFB services, it is 22Pct higher than 2017/18 financial year. Being the first private bank to provide IFB service, OIB’s IFB window generated a total income of ETB244 million in 2018/19, a nine percent rise compared to the preceding fiscal year, while its total expense of the same window declined by four percent to ETB27 million.
Ermias MulugetaKuriftu Resorts and Spa disclosed its plan to open a water park in Arbaminch, 432.5km away from Addis Ababa. While the company is now attempting to select sites among three plots of land availed by the City’s administration for the water park, it is planning to begin construction next year.
Ethiopians set to replace Chinese experts who are currently running the control center of Ethiopian-Djibouti Railway that was built with a cost of four billion dollars. Scholars from Beijing Jiaotong University provided 45 days training for 185 railway junior personalities.
A new book dubbed ‘Managing Cross-cultural Dynamics for a Shared Future China-Ethiopia Cultural Constructs’ launched this week at Sky Light Hotel, Addis Ababa.
The book is the outcome of a joint academic research and insights undertaken by the Ethiopian Centre for Dialogue, Research and Cooperation (CRDC) and the Center for International Business Ethics at the University of International Business and Economics of China.
Ethiopia extends the launching date for its first-ever satellite on a space by three days to December 20, 2019. The moves comes following the change in weather. The 70-kg multi-spectral remote sensing satellite, named ETRSS-1, will be launched with the help of China, but it will be under the command of Entoto space observatory facility, Ethiopia. Expected to gather crucial information for the country’s agricultural sector, the satellite is planned to monitor weather patterns for drought early warning and forestry management, adding to saving an estimated ETB350 million that the country has been spending to get such services. The satellite was designed with the assistance of China, which has provided eight million dollars for the project. China has also gave training and six million dollars finance for the project.
The banking industry is witnessing its biggest change at a pace not observed for the past two decades. With different reforms undertaken by the Prime Minister Abiy Ahmed-led administration, for the first time in a decade, new entrants are on the verge of joining the banking industry. So far, 11 full-fledged Islamic, investment, mortgage, and conventional banks are under establishment. Majority of them are joining with higher paid up capital, a move criticized for being unwise as it’s likely to affect shareholders’ return. EBR’s Samson Berhane spoke with industry insiders, experts, and officials to find out the likely impact of the new players in the banking industry.
Born in Gojam, northern part of Ethiopia, Atalay Alem (Prof.), married and a father of two, is among few Ethiopians specialized in the field of psychiatry. Graduating from Addis Ababa University in 1983 in medicine, Atalay first worked as a junior medical officer and later as a medical director at Adigrat District Hospital. A year later, he joined Amanuel Hospital, the only psychiatric hospital in the country where he gained three years of experience in mental healthcare. Soon after, he received training in clinical psychiatry at Victoria University of Manchester, UK.
Nine years later, he attained his Ph D. at Umeå University in Sweden. After returning to Ethiopia, Atalay worked for tof Amanuel Mental Hospital as a psychiatrist for many years and then as a medical director of the Hospital for six years before joining Addis Ababa University as an Assistant Professor in 2000. He also led the establishment of the College of Health Science as a separate and autonomous entity under the auspices of Addis Ababa University a decade ago.
Ashenafi EndaleIs it the right model to sustain Ethiopia’s growth momentum?
A year after parliament legislated a proclamation governing Public Private Partnerships (PPPs), a Saudi firm has become the first to be awarded the construction of two solar power projects under such scheme. Another 15 projects, on the basis of PPPs, will soon be awarded to winning companies. While such a move is expected to fill the huge financing gap in the electricity sector, there is hope that this will have a positive impact on the efficiency, equity and quality provision of services.
While the idea of PPPs in general is theoretically appealing, its practical implementation in developing countries is not as easy as theory suggests. Perhaps partly for that reason, a large number of implemented PPPs have left the contractual parties dissatisfied, indicating that either developing countries, investors, or both may have had unattainable expectations. Experts fear this may happen in Ethiopia as well. EBR’s Ashenafi Endale explores.
Teshome Taffese (PhD), State Minister of Finance (MoF), is the mastermind who led MoF to institutionalize Public Private Partnerships (PPP), a new model expected to fill the infrastructure financing gap existing in the country. Prior to this political assignment, he has conducted dozens of case studies in numerous countries, particularly on public finance, infrastructure development and PPPs. Teshome stresses that under the circumstances, Ethiopia has no option but maximizing the exploitation of PPPs. EBR’s Ashenafi Endale sat down with him to understand what has been done thus far.
