December 7, 2024
Multilateral lender Climate Investment Funds will back a USD 500 million plan to help drought-prone Ethiopia restore degraded land, protect its forests and bolster food security, it said on Wednesday.
CIF’s board said it had agreed a USD 37 million investment from its Nature, People, and Climate programme that it expects to mobilize USD 492 million in co-financing from other investors, including the World Bank and African Development Bank.
Most Ethiopians live in rural areas and rely on agriculture yet more than half of the country is experiencing some level of land degradation and around 11 million hectares are in danger of turning into desert, CIF said.
The funding is expected to help restore more than 320,000 hectares of wild Arabica coffee forests, farmlands, and rangelands in the Amhara, Oromia, South Ethiopia, and Somali regions and create an online registry of the country’s forests.
“This programme is really trying to get at how climate change and land degradation are undermining the livelihoods of millions of smallholder farmers and pastoralists in Ethiopia,” said Paul Hartman, the lead for CIF’s nature programmes.
As well as helping reduce poverty and increase economic sustainability, the plan, created by the government, aims to increase agricultural productivity and improve food security.
As countries gather in the Saudi Arabian capital of Riyadh for global talks on the issue of land degradation, Hartman said it was important for countries to weave the issue through their plans to combat climate change and biodiversity loss.
While around half the money targeted by Ethiopia had already been allocated by co-investors to projects, the rest would likely come from private and philanthropic investors in the months ahead, Hartman added.
Projects to receive funding will include those focused on afforestation and reforestation, regeneration of soil health and water conservation, and sustainable farming
(CNBC Africa)
Ethiopia’s Bitcoin Mining Footprint Grows to 2.5% of Global Hash Rate, Eyes 7% Target
Once an unlikely candidate, Ethiopia has emerged as a surprising contender in the global race for Bitcoin mining dominance. The East African nation now accounts for a remarkable 2.5 percent of the entire Bitcoin network’s hash rate, according to data from mining operators in the country.
The influx of Chinese miners fleeing Beijing’s 2021 crackdown, combined with Ethiopia’s abundant renewable energy resources, has transformed the country into an unlikely mining hub.
Mining operations in Ethiopia currently consume around 600 megawatts (MW) of power, a figure that industry insiders expect to balloon to one gigawatt by the end of 2025. This expansion could catapult Ethiopia’s share of the global hash rate to as high as seven percent.
Major investors have taken notice, with Bitmain-backed BitFuFu and NYSE-listed BIT Mining leading the charge. BIT Mining recently made a major 14.3 million US dollars investment, acquiring a 51 MW mining facility and over 17,000 rigs.
Ethiopia’s cheap, green energy and welcoming regulatory environment make it an ideal location for large-scale Bitcoin mining, according to industry experts.
The state-owned Ethiopian Electric Power (EEP) reported earning over 55 million US dollars in revenue from mining companies over the past 10 months alone.
This rapid rise comes amid a massive rally in the world’s most popular cryptocurrency, with Bitcoin topping 100,000 US dollars for the first time earlier this year.
The cryptocurrency’s meteoric surge was largely accelerated by the reelection of former U.S. President Donald Trump.
(BirrMetrics)
Parliament endorses Real Estate Dev’t & Property Valuation proclamation
The FDRE House of People’s Representatives (HoPR), in its ninth regular session held today, reviewed and approved three bills, including the Real Estate Development and Immovable Property Transaction and Valuation, Ethiopian Building Proclamation, and the Electronic Signature proclamations.
The first agenda the House deliberated on was the Ethiopian Building Proclamation which is said to be vital to address the issues pertaining to good governance identified under the existing law, ensures the accessibility of the disabled, solves the issues related to construction quality and waste of resources, and enables the establishment of a transparent and convenient operating system.
After extensive discussion, the House unanimously approved the Ethiopian Building Proclamation
Similarly, a report and decision regarding the real estate development and immovable property transaction and appraisal bill was presented in detail.
As the supply of real estate development is far behind and does not meet the demands of the people, the immovable property valuation system is expected to bring about modern and data-supported appraised value. It was also stated that this proclamation will help resolve that the lack of transparency in the real estate market which is causing economic distortions and harming the interests of the government, as reported during the proceedings.
After extensive discussion on the proposed draft, the House approved the bill by majority vote with two against and one abstention.
Finally, the parliament listened to the report and proposal for the approval of the electronic signature (E-signature) proclamation which received unanimous approval.
(FMC)
KEFI Gold and Copper secures critical metals exploration license in Konso, Ethiopia
KEFI Gold and Copper plc, a company specializing in gold and copper exploration across the Arabian-Nubian Shield, announced it was awarded “100% of the Konso Critical Metals Area exploration license in Ethiopia”, adding that the license was given by the Ethiopian Ministry of Mines to KEFI’s “wholly-owned Ethiopian subsidiary, KEFI Minerals Ethiopia Limited (KME).”
“This is the first of several opportunities we plan to pursue in Ethiopia through KME,” said Harry Anagnostaras-Adams, KEFI’s Executive Chairman. “Our regional exploration team has worked diligently to build a robust pipeline of projects, and this license positions us to capitalize on long-term trends in critical metals demand.”
According to KEFI, key details of the Konso Project, located approximately 635 kilometers southwest of Addis Abeba near Arba Minch, include the exploration license that spans 22 square kilometers, encompassing areas highlighted by global mining giant Vale’s fieldwork before its 2012 exit from Ethiopia. Its focus also includes initial efforts that will target copper and tantalum, prioritizing metals critical to electrification and technology transitions.
“The Konso Project has geological similarities to major critical metals projects in East Africa and beyond,” added Harry. “It is particularly promising for copper and tantalum, areas where our team has considerable experience in Ethiopia.”
The area was previously explored by the Ethiopian Geological Survey and Vale, whose early-stage reconnaissance identified extensive zones of copper, nickel, cobalt, and tantalum mineralization. KEFI said it plans to build on these findings with advanced exploration techniques. “Historic programs identified large zones of copper (plus nickel / cobalt / platinum group metals) and tantalum (plus lithium) now warranting follow-up exploration, focusing initially on copper and tantalum based on their long-term economic outlook,” the statement announcing the award disclosed.
“We intend to cherry-pick critical metals opportunities and establish regional alliances where warranted,” added Harry. “This aligns with KEFI’s strategy to grow our Ethiopian portfolio and leverage relationships with local and international investors.”
The company also says it is set to mobilize its regional exploration team to initiate mapping, trenching, and geophysical surveys. “We look forward to providing updates on this project and our anticipated Ethiopian Stock Exchange listing, which will unlock local funding opportunities.”
In August this year, Kefi Gold & Copper PLC has initiated the construction of essential infrastructure at its 95 percent–owned Tulu Kapi gold project, located 28 kilometers east of Ayra-Gulliso town in the West Wollega zone of Ethiopia’s Oromia region.
Prior to that, KEFI had secured a $320 million financial package for the high-grade Tulu Kapi project.
(AS)
Ethiopia Shifts Ownership of 10 Firms to Sovereign Wealth Fund
Ethiopia transferred ownership of 10 state-owned companies to the government’s sovereign wealth fund as part of steps to improve their management.
The firms include Ethiopian Electric Power, Ethiopian Railway Corp. And the Development Bank of Ethiopia, which serves as a policy bank. The companies oversee mega infrastructure projects such as the Ethio-Djibouti railway, the giant Great Ethiopian Renaissance Dam along with 13 industrial parks.
Ethiopian Investment Holdings already owns 27 other companies on behalf of the government, including Africa’s biggest carrier Ethiopian Airlines and Ethio Telecom, which recently announced an initial public offering.
“EIH will focus on ensuring that these enterprises maintain a stronger balance sheet with assets exceeding liabilities,” Chief Executive Officer Brook Taye said of the 10 companies. “This will automatically enhance their financial capacity to borrow both locally and internationally.”
Commercial Bank of Ethiopia is owed about 846 billion birr (USD 6.7 billion) by state-owned companies, debt the government now plans to securitize into 10-year bonds.
The transfer comes amid economic reforms that have included opening the Horn of African nation up to foreign investment, floating its currency and establishing the EIH to rehabilitate the highly indebted state-owned enterprises.
(BNN Bloomberg)
ILRI marks 50 years of investment in sustainable livestock research
The International Livestock Research Institute (ILRI) is celebrating five decades of pioneering research and partnerships dedicated to transforming livestock systems for better lives and a better planet. With the launch of its new corporate strategy for 2024-2030, ILRI is poised to scale its impact, addressing the most pressing development challenges through research and collaboration.
“The Ministry of Agriculture, our local organizations, and farmers have all greatly benefited from ILRI’s work, while the global community has also gained from the research conducted here in Ethiopia. As a host of 12 CGIAR research centers and many local and global partners, the ILRI campus in Addis has also allowed for new partnerships to form, and new innovative ideas for people and the planet to develop. Your collective work is critical to Ethiopia’s agricultural development and the transformation of our food systems. I encourage ILRI and the CGIAR to continue aligning your efforts with our national goals,” said Fikru Regassam (PhD), the State Minister, Ministry of Agriculture in Ethiopia.
As one of the 15 CGIAR research centers, ILRI works with a diverse network of partners to develop innovative livestock solutions that have development impacts.
“Research is at the heart of progress. ILRI’s ability to combine global expertise with local understanding has made it an invaluable asset to Kenya. This partnership aligns seamlessly with Kenya’s Vision 2030, which emphasizes the need for innovative, market-driven approaches to development. Livestock remains a key pillar of this vision, and with ILRI’s support, we are confident in achieving sustainable growth and improved livelihoods for all Kenyans,” said Dr. Andrew Karanja, Cabinet Secretary, Ministry of Agriculture and Livestock Development in Kenya while delivering his opening remarks at the celebrations.
“The Ministry of Agriculture and Livestock Development is committed to strengthening this partnership. We recognize the alignment of ILRI’s new 2024-2030 strategy with our national priorities, including the Agricultural Sector Transformation and Growth Strategy (ASTGS). We are particularly encouraged by ILRI’s focus on innovation, inclusivity, and resilience as we collectively strive to build food systems that are fit for the future,” Karanja further added.
The ILRI corporate strategy for 2024-2030—Unlocking Sustainable Livestock’s Potential Through Research for Better Lives and a Better Planet—focuses on two mutually dependent objectives: co-designing and deploying sustainable livestock innovations, and leveraging scientific evidence for policy and investment decisions.
Objectives include, tailoring interventions to specific livestock value chains and local contexts to ensure resilient and equitable transitions, providing evidence-based advice to policymakers and investors to foster sustainable development, strengthening collaborations with local, national, and global partners to co-create solutions that meet the needs of diverse communities, and securing sustainable resources for research and innovation to maximize the impact on people’s lives.
By pursuing these objectives, ILRI aims to positively impact the lives of over 300 million people, addressing key development issues such as food security, poverty reduction, and climate change.
“ILRI’s new strategy is centred on ‘Unlocking sustainable livestock’s potential through research for better lives and a better planet’. This, along with the new ILRI research and innovation strategy, will inspire new directions and allow our research to benefit hundreds of millions of more people, by deploying scalable solutions while influencing policies and investments to achieve significant impacts,” Appolinaire Djikeng (Prof.), Director General at ILRI, said.
As the institute embarks on its next 50 years, it calls on players from all sectors to join in supporting the transformation of livestock systems for a more sustainable, equitable, and resilient world.
(Reporter)