The Government of Ethiopia and World Bank signed two financing agreements.
Ethiopia’s Minister of Finance, Ahmed Shide and Carrie Turk World Bank Director for Ethiopia, Sudan South Sudan, signed the agreement at a ceremony held at the Ministry of Finance.
According to Ahmed Shide, Minister of Finance, the first agreement, amounting 1.2 billion US dollars, is to finance Ethiopia’s Growth and Competitiveness Development Policy Program.
The second financing agreement, amounting 150 million US dollars, is for skills development which aims to support the transformation of technical and vocational education and training (TVET) in Ethiopia.
The World Bank’s Board of Executive Directors this week approved 1.2 billion US dollars in support and Credit to Ethiopia.
Ethiopia, World Bank sign two financing agreements
Ethiopian to connect Africa with Russia
Ethiopian Airlines (Ethiopian) announced that it will launch services to Moscow, Russia as of December 1, 2018.
Group CEO of Ethiopian, Tewolde Gebremariam said preparations have been finalized to launch services to Moscow, Russia, the world’s largest country in total area, spanning Eastern Europe and northern Asia.
As of December, Ethiopian will connect Moscow with 59 cities in Africa, with thrice a week flights operated with the ultra-modern 787 Dreamliner.
The launch of the service will also facilitate better trade, investment, and tourism relations between the two regions.
Ethiopian, which currently operates 116 international destinations, is undertaking multi-faceted investments to enhance its global presence, according to a press release sent to FBC.
Italy vows to deepen Ethio-EU cooperation
Italy would continue playing its role to make sure the mutually beneficial cooperation between Ethiopia and the European Union (EU) deepens more, said Arturo Luzzi, Italian Ambassador to Ethiopia.
Given the long and deeply rooted friendship, based on the foundations of mutual understanding and respect, Italy plays a natural role as country of reference for Ethiopia among its European partners, Ambassador Luzzi said.
The recent visit by Italian Prime Minister Conte to Ethiopia also reasserts Rome’s desire to collaborate with Addis Ababa in areas like Horn stability and economic spheres, he noted.
“Ethiopia is a strategic partner for Italy in our engagement in the Horn of Africa and the whole Continent,” the Ambassador
“We have worked very closely in the framework of IGAD, being Co-Chair of IGAD Partners Forum (IPF) and we have strongly supported the action of the Ethiopian Presidency in order to find a solution to the crisis in South Sudan.”
Promoting economic growth is one of the keys to ensure long lasting peace and stability in the region and Italy stands ready to increase the level of economic cooperation with Ethiopia, he added.
Italy also appreciates Prime Minister Dr. Abiy Ahmed’s vision and his reform in political social and economic spheres.
Ethio-Indian Economic Forum opens in Addis Ababa
The Ethio-Indian Economic Forum which aimed at boosting trade and investment ties between the two countries today opened in Addis Ababa at the Dreamliner Hotel.
The forum, which was co-organized by Ethiopian Consulate General office in Mumbai and Ethiopian Chamber of Commerce and Sectoral Association (ECCSA) and Jain International Trade Organization (JITO), brought together 40 Indian companies and over 80 Ethiopian.
Opening the forum, Director General of Business Diplomacy at the Ministry of Foreign Affairs, Mr. Mesfin Gebremariam said Ethiopia and India have a longstanding diplomatic relations which he said, dated back to 1950.
He underlined the need to further strengthen the bilateral ties between the two countries in areas of investment, trade and capacity building.
Mesfin said Ethiopia has registered a double-digit economic growth for the last 12 years due to its huge investment in infrastructure and a sustained push for industrialization.
Ethiopia, he said, would offer huge domestic and international markets much due to the fact that Ethiopia is the second most populous nation in Africa and a country with vibrant aviation industry.
Mentioning that the Ethiopia has embarked on the development of industrial parks in different parts of the country, Mesfin urged the Indian investors to invest in the priority sectors of the country, particularly in areas such as textile and garment manufacturing, pharmaceuticals, renewable energy, construction and agro-processing sectors.
