Atta Africa Financial Update

Executive summary
Major global development lenders such as the World Bank, the African Development Bank and the European Union have pledged more than US$8 billion with a view to boosting economic growth and reducing poverty in eight countries in the Horn of Africa. Target countries include Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan and Uganda.

Projects include support for improving transport links, oil pipelines, as well as boosting education and internet access. Aid will also be aimed at increasing cross-border trade and boosting economic growth in regions struggling with significant unemployment - millions of people have been forced from their homes by war or shortages of food. The pledge comes amid efforts to end fighting in South Sudan that has sent nearly half a million refugees fleeing into neighbouring countries.

 

Ethiopia's GDP has reached 1.5 trillion birr (US$74b)

 
  • The Ministry of Finance and Economic Development has announced that Ethiopia's Gross Domestic Product (GDP) has reached 1.5 trillion birr (US$74b), and registered an estimated 10.3 percent economic growth last fiscal year.

Safaricom to invest Sh30bn (US$335m) in upgrade of infrastructure

 
  • The upgrades will see 2G base stations converted to 3G, which offers faster Internet access, with the exercise expected to reduce the number of dropped calls in the network.
  • Safaricom now has 3,140 2G base stations and another 1,847 running on 3G or third generation mobile telecommunication technology.
  • The 2G network coverage covers 90 per cent of the population while the 3G network stands at a smaller ratio of 58 per cent.