A New Edible Oil Hits Shelves

Jun 29 , 2019


[ssba-buttons]

Belayneh Kinde Import & Export Plc has invested 2.5 billion Br for the construction of an edible oil plant in West Gojam Zone Bure town, Amhara Regional State. Resting on 30ha, the plant will have a capacity of producing 1,400tn of edible oil a day and is expected to cover 60pc of the country’s oil demand. The company plans to source raw materials, such as soybeans and sunflower, from the local market. Upon becoming operational, it is also expected to create 2,000 jobs. Ethiopia has been importing subsidised palm oil to cover shortages of oil in the country. The country has an annual potential of producing more than 785,000tn of oilseeds. Though there are over 1,000 companies registered by the Ministry of Trade & Industry to process oil, Ethiopia imported 416,000tn of subsidised palm oil in 2017. In 2011, the government banned private companies from importing edible oil. As the shortage in the market grew, however, the Ministry of Trade & Industry allowed select public and private companies, such as Hamaressa Edible Oil S.C, Alle Bejimla and Belayneh Kinde Import & Export, to import edible oil.


Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...