
The African Union has welcomed a newly signed peace agreement between the United States and Iran, describing it as a significant diplomatic breakthrough. The deal, signed in France by US President Donald Trump and Iranian counterpart Masoud Pezeshkian, aims to end the war between their countries. Both nations have committed to further talks to finalize the agreement within 60 days. Key aspects of the initial deal include pledges to reopen the Strait of Hormuz, a USD 300 billion reconstruction package for Iran, and assurances that Washington will lift "all types of sanctions" on Iran. The agreement does not address Iran鈥檚 nuclear program, which analysts expect to be part of future negotiations. Mahmoud Ali Youssouf, chairperson of the African Union Commission, stated that the accord is an important step toward ending hostilities and fostering long-term stability in the Middle East, highlighting the power of dialogue and diplomacy. Youssouf praised the parties for their engagement and acknowledged the roles of Donald Trump, as well as the mediation efforts of Pakistan, Oman, and Qatar.
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This summary was AI-generated from a story originally published by The Reporter Ethiopia.
Must ReadThe United States has announced over $1 billion in humanitarian and disaster-response assistance, distributed through UNICEF and the World Food Programme WFP. Ethiopia is among more than 40 countries expected to benefit from this funding. The assistance aims to support food security, nutrition, health, water, sanitation, and other humanitarian programs for vulnerable populations affected by conflict, displacement, natural disasters, and other emergencies. Over $218 million will go to UNICEF, and more than $800 million to WFP. This funding is part of grants to trusted humanitarian partners and is intended to support life-saving operations. WFP welcomed the contribution, stating it will strengthen its capacity to respond to hunger crises and emerging emergencies globally. Ethiopia continues to receive support from UNICEF and WFP for food assistance, nutrition services, water and sanitation programs, and emergency responses for populations affected by conflict, drought, and displacement. This allocation is one of the largest US humanitarian funding announcements since a review of aid programs began after President Donald Trump's administration ordered a pause on foreign development assistance in January 2025, gradually resuming selected humanitarian assistance through international organizations.

In its 23rd foreign currency auction since August 2024, the National Bank of Ethiopia NBE recorded a weighted average bid of 158 Birr per US dollar from sixteen commercial banks. This auction, which was postponed from last week, offered USD 100 million, with eight banks submitting successful bids. The lowest successful bid was 157.99 Birr per USD. This amount represents a significant decrease from the previous auction, where the NBE offered USD 500 million. The NBE's foreign currency sales to commercial banks are part of the government's economic reforms and an ongoing IMF program. The next auction, also valued at USD 100 million, is scheduled for June 24, 2026.
Must ReadThe African Finance Corporation AFC has committed $600 million to Dangote Fertilizer Limited's expansion program, which aims to invest a total of $7 billion in projects across Nigeria and Ethiopia. Dangote Group plans to increase its urea production capacity in Nigeria to nine million metric tonnes annually. Additionally, a new fertilizer plant under construction in Ethiopia's Somali Regional State is projected to produce up to three million tonnes annually by 2029. The AFC, a pan-African development finance institution, stated that its investment supports large-scale industrial projects on the continent, emphasizing the importance of expanded local fertilizer production for food security and agricultural resilience. This investment aligns with efforts by African governments to enhance agricultural productivity amidst increasing food demand, climate challenges, and global commodity market disruptions. Aliko Dangote, president and chief executive of Dangote Industries Limited, highlighted that this investment will bolster Africa's agricultural sector and industrial base. Ethiopia signed a membership agreement with the AFC in 2023, which was ratified by its parliament two years later, without an ownership stake at that time.