Ethiopians in Greater Toronto Area Celebrate the 9th Anniversary of Nations, Nationalities and Peoples Day (Video)

Ethiopians in the greater Toronto area celebrated the 9th Anniversary of Nations, Nationalities & Peoples Day on December 13, 2014

Video Timeline:
00:00 – 04:00 = Introduction
04:00 – 10:00 = Speech by H. E. Ambassador Birtukan Ayano, Ethiopian Ambassador to Canada
10:00 – 16:49 = Speech by Joe Daniel, Conservative MP for Don Valley East
16:50 – 21:30 = Speech by Hannah Godefa, UNICEF Goodwill Ambassador to Ethiopia
21:31 – 26:09 = Speech by an Ethiopian-Somali representative, Mr. Umer Ali
26:10 – 33:40 = Celebration Dances by Participants

Click here for Amharic Report

Watch this memorable video:

 

 

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AORA to Provide First Solar-Biogas Hybrid Power Solution for Off-Grid Communities in Ethiopia

AORA to Provide First Solar-Biogas Hybrid Power Solution for Off-Grid Communities in Africa

Ethiopian Ministry of Water, Irrigation and Energy Meets with AORA Solar Ahead of Deployment of its Tulip™ Technology

December 2, 2014 – ADDIS ABABA, Ethiopia & REHOVOT, Israel – AORA Solar (www.aora-solar.com), a leading developer of solar-biogas hybrid power technology, today announced it has met with the Ministry of Water, Irrigation and Energy of the Federal Democratic Republic of Ethiopia (www.mowr.gov.et), to plan the construction of an initial pilot of AORA’s Tulip™ solar-hybrid power plant. The meeting follows the March signing of a Memorandum of Understanding (MoU) between the parties.

The project is tied to Ethiopia’s Climate-Resilient Green Economy Strategy, in which the country aims to enhance access to affordable and environmentally friendly renewable energy. The goal is to provide adequate uninterruptible and grid independent power to support the achievement of middle-income status by 2025 while developing a green economy.

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Ethiopia’s Bond Orders Reach More Than $2.6 Billion for a Note of Just $1 Billion

Investors pile into Ethiopia’s $1bn debut debt sale

Addis Ababa©Dreamstime

Ethiopia has become the poorest country ever to tap the global sovereign bond market, paying a relatively low yield of 6.625 per cent for its maiden $1bn note.

The pricing, announced on Thursday, shows how years of ultra-lax monetary policy in the US, Europe and Japan is allowing countries on the fringes of the frontier market category to tap the international capital market at relatively low cost.

With a GDP per capita of less than $550 a year, Ethiopia is poorer than previous marginal frontier African issuers including Rwanda and Mozambique.

The debut sees one of the biggest, most closed — and, some observers say, most promising — African nations joining a number of other countries in the region that have issued similar bonds in the past five years. Africa has become a magnet for pension funds, insurers and sovereign wealth funds seeking higher-yielding assets.

The price paid by Ethiopia is similar to the yield the US and other leading economies were paying to investors as recently as 2000, before benchmark interest rates plunged during the global financial crisis.

“Pricing at a 6-handle is very attractive” for the country, said Nick Samara, an Africa-focused banker at Citigroup in London, echoing a widely held view.

Ethiopia is paying roughly the same as Zambia and less than a full percentage point more than Kenya, whose 10-year bond was on Thursday trading at 5.88 per cent. Kenya has a much higher GDP per capita than Ethiopia and more robust finances.

Kevin Daly, senior portfolio manager at Aberdeen Asset Management, said the bond’s yield “is decent value for the deal given the limited knowledge and different nature of the Ethiopian economy and the challenges it faces compared to these countries”.

Claudia Calich, emerging market bond fund manager at M&G said Ethiopia was one of the region’s weaker credits. “I am concerned over lack of transparency and levels of SOE [state owned enterprise] debt,” she said.

Bankers said investors piled into the bond, with orders of more than $2.6bn for a note of just $1bn. Investors put aside concerns about Ethiopia, which in the 108-page bond’s prospectus warned about hazards including the potential for war, food shortages, political unrest and thin foreign exchange reserves.

Mark Bohlund, senior economist for sub-Saharan Africa at consultants IHS, said investors were attracted to Ethiopia on the back of “strong economic growth prospects and limited external indebtedness”. But he added: “We wish to highlight that there are still non-negligible risks to repayment.”

Continue to read at Financial Times