In a significant move to advance financial inclusion and economic development, Ethiopia is set to host the 5th International Interest-Free Banking & Takaful Conference from July 25-26, 2024. Organized by the AlHuda Centre of Islamic Banking and Economics (CIBE), this prestigious event will bring together industry leaders, policymakers, and experts from over 20 countries to explore the transformative potential of interest-free banking and Takaful (Islamic insurance) solutions.

The conference, which will be held at the Hyatt Regency in the capital city of Addis Ababa, aims to provide a comprehensive platform for knowledge sharing, networking, and strategic discussions on the rapidly evolving landscape of the interest-free financial sector. The event will be followed by post-event workshops on the operational, technical, and Shariah aspects of interest-free banking and Takaful on July 27th.

“We are honored to organize this groundbreaking conference in Ethiopia, a country that is poised to become a hub for innovative financial solutions,” said M. Zubair Mughal, CEO of AlHuda CIBE. “With a largely rural population and significant unbanked communities, Ethiopia presents immense opportunities for interest-free banking and Takaful to drive financial inclusion and socio-economic development.”

In a pioneering move towards a greener future, TotalEnergies has unveiled Ethiopia’s first-ever electric vehicle (EV) charging station in the heart of the capital city, Addis Ababa. This landmark initiative aims to support the country’s burgeoning EV adoption and drive the transition to sustainable transportation.

The state-of-the-art charging station, located in a prominent commercial district, is designed to cater to the growing number of electric vehicles on Ethiopian roads. By providing reliable and accessible charging infrastructure, TotalEnergies is paving the way for more Ethiopians to embrace the benefits of electric mobility.

During the unveiling ceremony, senior executives from TotalEnergies highlighted the company’s vision to be at the forefront of the global energy transition.

USAID has announced the launch of a new $10 million water supply system under the Resilience in Pastoral Areas (RIPA-North) program, funded by Feed the Future with additional cost-sharing from the Somali Region Water Bureau. This initiative responds to the severe drought which has led to water shortages in the region.

 The new water supply system provides safe drinking water in Adadle and surrounding areas, benefiting over 14,200 households, including Internally Displaced Persons in the Shebele Zone. Key components of the project include the Shebele River Water Intake Structure to provide a reliable water source; Water Treatment Plant Construction to ensure the provision of safe drinking water; and a Distribution Network to deliver water to the targeted households.

Additionally, the project involves watershed rehabilitation using nature-based solutions such as soil and water conservation, flood water harvesting, and enhanced water governance. The RIPA-North Water Security Project supports the Somali Regional State Multi-Year Resilience Strategy developed with USAID.

On the first day of the Africa Energy Forum (aef), the African Trade & Investment Development Insurance (ATIDI) and Globeleq Africa Limited, jointly announced the former’s support for the 35 MW Globeleq Menengai Geothermal Project with liquidity cover via the Regional Liquidity Support Facility (RLSF).

RLSF, a joint initiative of ATIDI, the KfW Development Bank and the Norwegian Agency for Development Cooperation (Norad), is a credit enhancement instrument available to renewable energy Independent Power Producers (IPPs) that sell the electricity generated by their projects to state-owned power utilities. RLSF is offered in ATIDI member countries that sign the RLSF Memorandum of Understanding.

Commenting on the dear ATIDI CEO Manuel Moses said: “”We are proud to collaborate with Globeleq, KPLC, GDC, and the Government of Kenya on this transformative project. This partnership, coming so soon after the signing of the RLSF MoU in February 2024, underscores our commitment to fostering sustainable development and promoting renewable energy solutions across Kenya and the region. Together, we are driving positive change and advancing Kenya’s energy transition. Given Globeleq’s huge and growing portfolio of renewable energy projects across the continent, we look forward to building on this partnership.” (Press Release)