Abay to Build Metal Factory

Sep 8 , 2019

Abay Industrial Development S.C., an economic wing of the Amhara Regional State, is constructing a metal factory with an investment of four billion Birr, adding it to its portfolio of investments. The factory is being built in Bahir Dar. The factory will produce materials that are essential for the construction industry, according to Melaku Alebel, chairperson of the Board of Directors of Abay. Besides meeting the local demand, the factory plans to export its products to neighbouring countries eventually. The plant is expected to be completed in two and a half years. Abay is in the process of setting up the nation’s largest steel cold rolling mill complex in Bahir Dar. It also plans to set up a cement factory in Dejen, 240Km northwest of Addis Abeba, two furniture factories in the cities of Debre Tabor and Debre Berhan and a textile factory in Gonder.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...