Ethiopia Roundup: Natural gas discovery, foreign banks, Africa Cup of Nations

Discovery of natural gas reserves

Ethiopia has discovered 21.3 billion cubic metres of natural gas reserves in the Ogaden region, the eastern portion of Ethiopia and borders Somalia. according to Ethiopian State Minister of Mines, Milion Matheos. The reserves are located in six locations, including Ogaden, Mekele, Metema, South Omo, and Gambella. The country has a $4 billion natural gas production deal with Djibouti and China, but the reserves remain undeveloped, APA News reports.

Foreign banks allowed to set up subsidiaries

Ethiopia has approved a move to liberalise its economy, allowing foreign banks to establish local subsidiaries and foreigners to acquire shares in domestic lenders. The move is part of a broader government plan to open up Ethiopia to foreign investment across various sectors, including banking, telecoms, transportation, and aviation. The draft law requires lawmakers to pass, and foreign bank subsidiaries must include local resident non-shareholder Ethiopians on their boards of directors. The central bank declared in May of last year that it would grant foreign investors five banking licenses in a span of five years, Reuters reports.

Summer voluntarism

Ethiopian government officials are launching a Summer Voluntarism Service to benefit over 50 million Ethiopians.  The campaign, titled "Benevolence and Unity for Ethiopia's Ascendance," aims to promote unity and progress through community service. According to the Ethiopian News Agency, 39 million volunteers are expected to partake in the services which will cover essential businesses like food delivery, education, health support, and tree planting.  "People will engage in these services not through coercion but by their own volition, a testament to the Ethiopian spirit of compassion," Ethiopia’s Women and Social Affairs State Minister Muna Ahmed said.

Coffee farmers cultivate high-yielding varieties

West Guji Zone farmers in Oromia, the largest regional state in Ethiopia are focusing on higher-yielding coffee varieties, according to Oromia Region Administrator Adula Hirbaye. The new coffee varieties, which can yield 12 quintals per hectare, are being replaced by older ones after rigorous training. The region contributes 28% of national coffee supplies and has prepared 2.6 billion coffee nurseries for this year, according to the Ethiopian News Agency. The Oromia region is also preparing 350,000 hectares of land for coffee plantations.

Candidacy to host the Africa Cup of Nations

Ethiopia developed a comprehensive roadmap for its candidacy to host the Africa Cup of Nations (AFCON) football tournament, according to Ethiopia's Minister of Culture and Sports, Kejela Merdasa, who announced the finalisation of the football stadium and other construction sites in line with Confederation of African Football (CAF) standards. The Merdasa revealed that the country plans to build a cultural centre to showcase Ethiopia's diverse stories and cultures and incorporate knowledge from other countries to create a unique facility.