Tuesday, September 30, 2025
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NBE launches applications for Independent Foreign Exchange Bureaus

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The National Bank of Ethiopia (NBE) announced that it has officially began accepting applications for Independent Foreign Exchange Bureaus, in line with the newly approved Foreign Exchange Directive that became effective on July 29, 2024.

Independent FX Bureaus are authorized to engage in the buying and selling of foreign currency cash notes and are permitted to conduct such transactions based on freely negotiated exchange rates with their customers. Business entities owned by Ethiopian nationals, non-resident Ethiopians, or a foreign citizen of Ethiopian origin are eligible to operate Independent FX Bureaus.

The central bank expects that Independent FX Bureaus will play an important role in further deepening the foreign exchange market by addressing the needs of customers who wish to buy or sell foreign currency cash notes.

NBE Governor Mamo Mihretu stated, “With the licensing of Independent FX Bureaus, we are marking yet another important milestone in the opening up of Ethiopia’s financial sector and aligning it with global norms and best practices.” The Governor added that the launch of FX Bureaus reflects NBE’s ongoing implementation of its strategic plan commitments to “fundamentally transform the size, shape, and scope of Ethiopia’s financial sector over the coming years.”

Rocrocdong residents unite at United Nations Mission in South Sudan (UNMISS)-supported peace festival

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“For far too long, disagreements have divided us, leading to the loss of meaningful connections with dear friends. Taking part in this joyous reunification fills me with gratitude.”

That was the emotional message from 55-year-old cattle keeper, Keribino Kout, at a peace festival in Rocrocdong, Western Bahr El Ghazal, organized by the United Nations Mission in South Sudan.

The event brought together large numbers of representatives from neighbouring communities through dance, music, and other performances that emphasized their shared culture and traditions while celebrating their diversity.

The aim was to promote unity and social cohesion in the area, which is a hotspot for intercommunal conflict driven by fighting between farmers and pastoralists over grazing land and other resources. This violence has caused a significant increase in displacement within and outside the State.

Speaking at the event, the Acting Minister of Peacebuilding, Rudolf Andrea Ujika, said it provided an important opportunity to partner with peace allies to advance initiatives to nurture harmony between communities.

“In addition, the presence of additional security forces to uphold order and prevent conflict is contributing to a greater sense of safety among residents, particularly women,” he said.

People from across the State came together to participate in the event which also promoted the important impact of the Marial Bai peace agreement, a landmark deal signed between pastoralists and farmers. It provides guidelines for resolving migration-related disputes, procedures for obtaining authorization to move cattle, and provisions for compensation for crop damage and livestock loss.

“The peace agreement has made a remarkable difference in our lives. We can now travel to Wau through Rocrocdong without fear, eliminating the need for long journeys,” said Martha Chol, an internally displaced person from Warrap.

Distributed by APO Group on behalf of United Nations Mission in South Sudan (UNMISS).

Africa’s Energy Sector to Litigate Banks and Financiers for Financial Apartheid in Oil and Gas Sector

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In recent years, several Western banks and financial institutions have implemented policies aimed at reducing support for fossil fuel projects, especially in Africa. This has led to a sharp decline in investment in the continent’s oil and gas industry, a sector that is crucial for its economic future and energy needs. The African Energy Chamber (AEC) (https://EnergyChamber.org) argues that these institutions are practicing “financial apartheid,” arguing that while similar projects receive support in Europe, Africa’s high-cost energy projects are being neglected.

The decline in investment is already having a noticeable impact, exacerbated by global shifts towards cleaner energy and prioritizing of ESG practices. Major international oil companies are reducing their presence in Africa. For instance, Equinor has withdrawn from offshore exploration in South Africa and ExxonMobil has exited a deep-water oil prospect in Ghana. This decline is contributing to a bleak outlook for Africa’s energy sector.

“As the international community moves to boycott investments in the African energy sector, African people and African development stand to suffer,” says NJ Ayuk, Executive Chairman of the AEC. “The role of oil in Africa’s energy and economic future is apparent, and consequently, should be defended as Western elites move to disrupt African progress.”

The broader implications of financial divestment are profound. Many African governments rely on fossil fuels as a cost-effective means to alleviate energy poverty and boost state revenues. However, the increasing pressure on financial institutions to cut funding for high-carbon projects creates uncertainty about the future of Africa’s energy sector.

The International Energy Agency (IEA) has added to these challenges with its calls to cease funding for oil and gas projects, highlighting a disparity: while natural gas is considered a ‘green’ energy source for Europe, it does not receive the same treatment in Africa. According to Ayuk, “The IEA has lost its relevance and its authority.” Originally focused on managing oil supply disruptions, the IEA now prioritizes policies aimed at achieving net-zero emissions by 2050. Its 2019 projection that no new investments in oil, gas, or coal are needed if the world continues on this path has been particularly controversial.

Several key African projects are at risk due to the withdrawal of financial support. Significant initiatives like TotalEnergies’ Mozambique LNG project, ExxonMobil’s Rovuma LNG project, Nigeria’s Train 7 LNG expansion, Senegal’s Sangomar oil field, Uganda’s Tilenga project and the East African Crude Oil Pipeline (EACOP) require substantial financing to advance.

Despite these setbacks, some projects are progressing. TotalEnergies is advancing its $20 billion Mozambique LNG project, aiming to develop the Golfinho and Atum fields with a production capacity of 12.88 million tonnes per year. Eni’s Coral South FLNG project in Mozambique has achieved a production capacity of 3.4 million tonnes per year. Additionally, the Greater Tortue Ahmeyim (GTA) LNG project, which started gas production in November 2022, is being developed by bp, Kosmos Energy and the national oil companies of Senegal and Mauritania. This project includes an FLNG facility with an initial capacity of 2.5 million tonnes per year.

Meanwhile Nigeria’s Train 7 project, an expansion of the existing NLNG facility on Bonny Island, aims to boost production by 8 million tonnes per year, bringing the total to about 30 million tonnes per year. This development is crucial for Nigeria’s growing population and its ability to meet its energy needs.

However, delays persist. The Tanzania LNG project, involving Equinor and Shell, is stalled due to proposed government changes. UTM Offshore’s FLNG project in Nigeria, initially planned for 2023, has been postponed. Additionally, the EACOP faces significant criticism from financiers and environmental groups, complicating its development and financing.

Namibia, experiencing heightened interest from recent oil discoveries, is facing delays with the Kudu Conventional Gas Development. The Kudu Gas Project, an offshore initiative, has faced setbacks related to financing and project development challenges. As a result, the project is still pending FID and anticipated to commence production by 2026.

“Today, African Energy Poverty numbers are skyrocketing. Nine hundred million Africans lack access to clean cooking technologies, while 600 million lack access to electricity, most of them women. African families are facing high energy cost and inflation is going up,” Ayuk emphasizes. “It is shocking that financial institutions that do business in Africa continue to practice financial apartheid by cutting off capital and financing to oil and gas companies operating in Africa because of climate concerns. These same institutions fund gas development in Europe, where natural gas is deemed green and a fossil fuel for Africans.”

The disparity in financing not only undermines Africa’s ability to harness its natural resources for its development but also perpetuates a cycle of energy deprivation. The AEC urges a re-evaluation of this approach and calls on global financiers to support Africa’s energy projects, recognizing their critical role in advancing economic development, enhancing energy security, and improving living standards across the continent.

Distributed by APO Group on behalf of African Energy Chamber.

Ambassador of the People’s Democratic Republic of Algeria Pays Courtesy Visit to Hon. Gen. Odongo Jeje Abubakhar

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The Minister for Foreign Affairs of the Republic of Uganda, Hon. Gen. Odongo Jeje Abubakhar, graciously received H.E. Mourad Amokrane, Ambassador-Designate of the People’s Democratic Republic of Algeria to Uganda, at the Ministry headquarters in Kampala. This meeting, marking H.E. Amokrane’s first official courtesy visit, served as a reaffirmation of the enduring and cordial relations between Uganda and Algeria.

Hon. Gen. Odongo extended a warm welcome to H.E. Amokrane, expressing his appreciation for the Ambassador’s arrival in Uganda and his commitment to further strengthening bilateral relations. H.E. Amokrane, in turn, conveyed his deep gratitude for the opportunity to serve in Uganda and thanked the Ugandan government for its hospitality and support.

Hon. Gen. Odongo underscored the longstanding and robust ties between Uganda and Algeria, which extend far beyond diplomatic engagements. He recalled the significant contribution of both nations to the African Union (AU) initiative seven years ago to establish a standby force. He highlighted that out of the 54 African nations, only Angola, South Africa, Uganda, and Algeria volunteered to support this vital initiative, with Algeria providing both troops and aircraft, a testament to Algeria’s unwavering commitment to African unity and security.

The Minister also emphasised the importance of African solidarity, particularly in the context of eradicating colonialism and ensuring that African nations do not dominate one another.

On the economic front, Hon. Gen. Odongo raised the issue of Ugandan milk exports to Algeria, a matter he had previously addressed during his visit to Algeria in June. He called for prompt resolution of any remaining obstacles to ensure smooth trade between the two nations.

Hon. Gen. Odongo further expressed his gratitude to the Government of Algeria for its generous scholarship opportunities extended to Ugandans. He recognised the significant impact these scholarships have had on the growth and development of Ugandan students and expressed hope that such opportunities would be extended to other African nations, fostering greater interaction and unity among Africans.

In his concluding remarks, Hon. Gen. Odongo once again welcomed H.E. Amokrane to Uganda, expressing his sincere gratitude for the Ambassador’s presence and his commitment to working collaboratively on various issues of mutual interest.

The meeting was a testament to the enduring friendship and cooperation between Uganda and Algeria, and both parties reiterated their commitment to further strengthening these ties in the future.

Distributed by APO Group on behalf of The Republic of Uganda – Ministry of Foreign Affairs.