The better performance in most of the macroeconomic indicators of the second quarter of the fiscal year, would help the Ethiopian economy to grow by 7.9 percent, Planning and Development Ministry said.

Inthe presence of Prime Minister Abiy Ahmed, the Council of Ministers has commenced the second quarter performance review on Tuesday.

The review began with presentations on activities undertaken, focusing on four sectoral areas of governance and justice, social, and economic sectors, it was indicated.

Planning and Development Minister, Fitsum Assefa presented the economic performance report of the second quarter of the fiscal year.

In her report, she pointed out that Ethiopia’s economy grew by 7.2 percent in 2023.

The country’s economy is also expected to grow by 7.9 percent in the current 2023/2024 Ethiopian fiscal year that started on July 8, the minister added.

According to her, the performance recorded in the main macroeconomic sectors during the past six months indicates the projection will be attain
ed.

For example, Fitsum indicated that a total harvest of 496.9 million quintals has been obtained over the past six months alone. It has increased by 65 million quintals compared to the same period last year.

Sheexplained that this is one indicator that a 7.9 percent economic growth will be recorded.

Similarly, the minister added that 10 percent growth was recorded in the industrial sector.

In her report, she pointed out that the performance during the past six years is better in many aspects, particularly in the export sector. For instance, Ethiopia has earned over 4.5 billion US dollarsfrom service export alone.

The Foreign Direct Investment (FDI) sector has also registered better performances.

On his part, Education Minister Professor Birhanu Nega presented the social sector performance report and he revealed better activities have been recorded in the spheres of education, health, women and social affairs as well as culture and sports.

For example, he pointed out that education for the generation
movement alone has helped to improve the standard of more than 14,000 schools and built more extra schools in six months.

Minister of Justice, Gedion Timothewos said that Ethiopia has achieved considerable legislative activities in the justice system during the past six months.

Among the better performance witnessed in the sector, the minister mentioned that the transitional justice policy document was prepared in a participatory manner.

According to him, the document is expected to become effective as of its date of approval.

Source: Ethiopian News Agency

Nairobi has played host to the launch of the 2nd Round of the Egypt Business Bridge Forum, with Kenya in collaboration with USAID Trade project in a bid to support the Egyptian exports for the Export Council for Building Refractory and Metallurgy Industries and the Chemical and Fertilizers Export Council.

The CIB Bank which is the largest private sector Bank in Egypt with more than 300 correspondents over the world, was responsible for holding the event that brought together all its clients who are both stakeholders and entrepreneurs in the trade industry.

The event included different business discussion sessions between entrepreneurs and all potential customers, and the exhibition set-up had a variety of products that were free to sample by interactive buyers.

Speaking during the session, the Vice President (VP) of the CIB Bank African Desk, Ahmad Ahmud, said the forum along with many other forums the Bank is organizing with different export councils in Egypt focuses on trade finance between Egypt and Ken
ya.

‘As long as we are part of COMESA, it gives CIB Bank the privilege to exchange products between Kenya and Egypt,’ added Ahmud.

He also noted that Egypt is the second largest importer of Kenyan tea, and the two countries have a trade volume of between US$600 to US$700 per year.

CIB Bank being the only bank with a branch both in Kenya and Egypt, the VP revealed that they plan on taking advantage and capitalizing on the event’s discussions in terms of supporting Egyptian importers including coming- up with and inviting their clients and local clients.

Ahmud affirmed that Kenya can rely on the Bank to give credit terms to the local Kenyan companies, insisting that they should not worry of the payment as it will be secured through the Industrial Control System (ICS).

He termed this as value addition and sees it as giving an instrument of trade to finance itself.

The Assistant VP CIB Kenyan desk Sulman Lashar, stressed that all the instruments are to facilitate trade, thus, the event provides the opportun
ity for different suppliers and buyers to build trust and relationships hence increasing trade between the two countries.

Source: Kenya News Agency