The United Nations World Food Programme (WFP), the UN Refugee Agency (UNHCR) and the Ethiopian Government Refugees and Returnees Service (RRS) appealed for US$73m to provide food rations to over 750,000 refugees in Ethiopia, over the next six months. WFP will completely run out of food for refugees by October, leaving vulnerable families who are dependent on food assistance at risk of undernutrition, micronutrient deficiency, susceptibility to diseases/infection and increased protection risks, the three agencies warn.
Due to protracted funding shortfalls, WFP has already been forced to cut rations for 750,000 registered refugees living in 22 camps and five sites in hosting communities in Afar, Amhara, Benishangul-Gumuz, Gambella, Somali and Tigray regions of Ethiopia.
Food rations for refugees in Ethiopia were first reduced by 16 percent in November 2015, by 40 percent in November 2021, and by 50 percent in June 2022. Food insecurity amongst the refugees has risen as a result of the cuts and is even further compounded by current global limitations to food availability, economic shocks, rising costs of food and energy, the fallout of COVID-19, conflict and insecurity.
WFP, UNHCR, RRS appeal for funding to continue feeding over 750,000 refugees in Ethiopia
Innovative finance is essential to tackle barriers to investment
The African continent presents a massive investment opportunity for investors to advance the deployment of climate solutions in the coming decade according to a new report Climate Finance Innovation for Africa. However, this will require innovation in financing structures and the strategic deployment of public capital to ‘crowd-in’ private investment at levels not yet seen.
Current levels of climate finance in Africa fall far short of needs. Africa’s USD 2.5 trillion of climate finance needed between 2020 and 2030 requires, on average, USD 250 billion each year. Total annual climate finance flows in Africa for 2020, domestic and international, were only USD 30 billion (CPI forthcoming), about 12% of the amount needed.
Barriers related to shallow financial market depth, governance, project-specific characteristics, and enabling skills and infrastructure have stifled private investment in African climate solutions to date.
Cali confirms status as a ‘cradle of champions’
USA topped the medal table with seven gold, four silver and four bronze medals, ahead of Jamaica (6, 7, 3), Ethiopia (6, 5, 1), Kenya (3, 3, 4) and South Africa (2, 1, 2).
World U20 Championships celebrated as Cali confirms status as a ‘cradle of champions’
The World Athletics U20 Championships Cali 22 has been celebrated as one of the most successful editions in the history of the event as magnificent medal moments and record-breaking results showcased the future stars of the sport.
Over six days of competition between August 1 and 6, two world U20 records, two world U20 best performances, 14 championship records, nine area U20 records, 10 senior national records, 97 national U20 records and 518 personal bests were achieved in the Pascual Guerrero Olympic Stadium, securing the latest edition of the global showpiece its place in the history books.
USA topped the medal table with seven gold, four silver and four bronze medals, ahead of Jamaica (6, 7, 3), Ethiopia (6, 5, 1), Kenya (3, 3, 4) and South Africa (2, 1, 2).
The event in Cali was also a championships of ‘firsts’, with Uruguay winning its first ever medal, and Dominica, Malaysia and Saint Vincent achieving their first ever top eight positions.
Demonstrating the truly global reach of the sport, 1387 athletes took part from 126 different countries. Their participation pushed the World Athletics U20 Championships past the 20,000 milestone in terms of the number of athletes who have competed since the first edition in 1986.
“I hope you all agree that the World Athletics U20 Championships Cali 22 has been a spectacular success,” World Athletics’ Chief Executive Jon Ridgeon said at the closing press conference. “I think we can say that Cali has once again emerged as the ‘cradle of champions’, much like the World U18 Championships that we enjoyed in this very stadium back in 2015.”
Ramiro Varela, President of the local organising committee, said: “The success of the championships is a three-way affair: World Athletics, Colombia and Valle Del Cauca. The success was because of the presence of the athletes, their teams and their incredible results. And the success is the result of long-term planning and the hard work of a team of professionals who have worked tirelessly to offer these championships to the world.”
Two of the stars to emerge were Botswana’s Letsile Tebogo, who retained his 100m title in a world U20 record and claimed 200m silver in a brilliant battle with Israel’s Blessing Akawasi Afrifah, and Colombia’s Valentina Barrios, who secured silver for the host nation in the javelin.
“I would like to thank you for hosting us. I am really satisfied with everything I have done in these championships,” said Tebogo, who ran a world U20 record of 9.91 in the 100m. “Of the memories I have from Cali, the 100m final is the one to take back home with me, and also the 200m final.”
Barrios said the U20 championships was a huge stepping stone in her career.
“I was extremely nervous during the qualification round,’’ she said. “I felt a little better during the final, but it was still difficult for me to deal with the pressure. But then I told myself: ‘I am here in Colombia, competing in front of my people. I cannot let this opportunity go.’ I was able to refocus and perform well, and this is something that will help me when I turn senior.”
In just two years’ time, the World Athletics U20 Championships will return to South America, when Lima, Peru, hosts the event between 20-25 August 2024.
(The Star)
Bank profits soared in 2022
The financial sector registered a massive change through the reform period that expanded their asset on average by 24.5 percent every year in the past four years.
Frezer Ayalew, Director of Banking Supervision Directorate at National Bank of Ethiopia, said that in the financial year closed in 2019 the total asset of banks was 1.3 trillion birr and now climbed by 92 percent to reach 2.5 trillion birr at the end of the 2021/22 financial year.
Deposit mobilization is the other area that the financial sector secured a huge success with 25 percent growth every year since 2019. “Compared with 2019 the deposit mobilization has expanded by 93 percent by June 2022 to reach 1.74 trillion birr from 899.8 billion birr. Similarly the banking sector total capital has expanded to 199 billion birr by 27 percent yearly growth from 99 billion birr in 2019,” the Banking Supervision head said.
In four years time the number deposit accounts has increased by 108 percent to reach 83.3 million.
Regarding profitability the banking sector has amassed close to 50 billion birr net profit in the just ended finical year that increased by 122 percent compared with the year that ended in 2019. In the financial year that ended on June 2019, the banking sector net profit after tax was 22.5 billion birr.
In the loan and advance development the private sector has accessed 889.6 billion birr in the past financial year that was 377.6 billion birr in 2019, while the total loan and advance excluding bonds has climbed to 1.09 trillion in June 2022 that is over double compared with four years ago.
Frezer said that the banking sector has continued its safe and sound operation. “The banking sector capital adequacy ration stood at 16.04 percent above from the internationally required standard of eight percent. Similarly the non performing loan ration is 3.87 percent against five percent of the requirement, while liquidity ratio at the banking sector is 27.05 percent, which NBE expected it to be 15 percent,” he said.
“Our banks are operating in an internationally required model that makes them financially sound,” the Director added.
He reminded that the policy bank, Development Bank of Ethiopia, attains massive progress in the past few years to return back to prudent operational status.
The banking industry that registered significant change is the interest free banking (IFB) with two full-fledged banks already operational besides one that transformed to bank from micro finance institution and one more has secured license to open its door. Besides the two full-fledged banks 11 banks are providing IFB services through windows. As of March 2022 over 11 million accounts holders registered for the deposit mobilization of 117.2 billion birr in the IFB.
“35.5 billion birr have been availed through 4,842 IFB credit accounts on the financing side,” Frezer said.
