Tag Archives: Loans

African Financial Institutions Need to Focus on Assisting African Countries: President Afwerki

“Eritrea believes in working with financial institutions that can help in transforming the African economy” – President Isaias Afwerki

“Eritrea is ready to join Afrexim Bank as a Member State.” – President Isaias

BY FUMNAYA AGBUGAH | VENTURES AFRICA

Recently, the President of Eritrea, Isaias Afwerki urged African financial institutions to focus on assisting African countries to address the disadvantages arising from the underdevelopment of the continent’s economy.

The president made this known in Asmara when he received a delegation of the African Export-Import Bank (Afrexim Bank) led by Dr Benedict Oramah.

President Afwerki said that despite the fact that Africa is endowed with 60 percent of the world’s resources, the continent continues to be disadvantaged because of the underdeveloped economy, which saw it exporting mainly raw materials and primary products. Continue reading African Financial Institutions Need to Focus on Assisting African Countries: President Afwerki

AfDB and Eritrea Sign US $41.5m Funding Agreement

The Education Sector Development Program and National Food Security program gets a vital boost from the African Development Bank

By TesfaNews,

THE African Development Bank (AfDB) and Eritrea today signed a US $41.5 million funding agreement to finance two major government projects on skill development, drought resilience and sustainable livelihood programs.

The Agreement was signed in Asmara by the Minister of Finance, Mr. Berhane Habtemariam, and AfDB Regional Director, Mr. Gabriel Negatu. Continue reading AfDB and Eritrea Sign US $41.5m Funding Agreement

AfDB Approves US $19m to Boost Technical Skills and Agro-Scientists in Eritrea

African Development Bank and the Eritrean government approved a fund totaling US $21.1 million towards support to Skills Development for Employability and Entrepreneurship (SDEEP) project in Eritrea

By AfDB,

THE African Development Bank’s (AfDB) Board of Executive Directors approved on March 3 in Abidjan a US $19-million project comprising an African Development Fund (ADF) loan of US $10.7 million and an ADF grant of US $8.3 million to boost the Technical, Vocational, Education and Training (TVET) sector.  Continue reading AfDB Approves US $19m to Boost Technical Skills and Agro-Scientists in Eritrea

AfDB Approves Eritrea Interim Country Strategy Paper 2014-2016

The strategic response from the Bank is critical in achieving the socio-economic objectives of the Eritrean government

By AfDB,

THE Board of Directors of the African Development Bank Group on Wednesday, October 15 approved the Interim Country Strategy Paper (I-CSP) for Eritrea.

The I-CSP covers the period 2014 – 2016 and aims to assist the Government of Eritrea in addressing its binding development challenges in a coordinated and consultative manner.

The strategy focuses on enhancing skills development and technology, in support of inclusiveness and transition to green growth. In addition, the Bank will support the government to build resilience and capacity to deal with, and adapt to a challenging environment to promote inclusive growth and poverty reduction.  Continue reading AfDB Approves Eritrea Interim Country Strategy Paper 2014-2016

Poorly Constructed Addis Ababa Roads Falling Apart

By Balambaras,

FINANCED with borrowed money, poorly constructed Addis Ababa roads are falling apart and causing too many accidents.

Since Addis Ababa has been a testimony of Chinese government financed road network experiments in Africa, is this how they all end up in a couple of years? Continue reading Poorly Constructed Addis Ababa Roads Falling Apart

African Economic Outlook 2014: Eritrea’s Private and Financial Sector

The low level of financial development in Eritrea has continued to limit investment opportunities in sectors like agriculture, mining, tourism and fisheries, which have potentially high regional spill-over effects to spur economic transformation and foster inclusive and sustainable growth.

By Magidu Nyende and Luka Okumu,

A combination of restrictive government policies, shortages of foreign exchange, declining remittances and heavy government borrowing from the banking sector has severely inhibited private-sector activity and development in Eritrea. Consequently, the private sector remains small, underdeveloped and crowded out by the state’s growing role in the economy.  Continue reading African Economic Outlook 2014: Eritrea’s Private and Financial Sector