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 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 […]

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AfDB and Eritrea Sign US $41.5m Funding Agreement

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.

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

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AfDB Approves Eritrea Interim Country Strategy Paper 2014-2016

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 […]

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

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. 

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