FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo



Abyssinia Flight Services Aircraft Crashes

Jul 31 , 2021

A United Nations Humanitarian Air Service (UNHAS) flight managed by the World Food Programme (WFP) and operated by Abyssinia Flight Services, a private aviation company, crashed on the afternoon of Tuesday, July 27, 2021, while transporting passengers from Jigjiga to Dire Dawa. The aircraft was carrying four people when it departed from Jigjiga in the early afternoon and went down barely half an hour following takeoff. Authorities lay the blame on bad weather conditions, which caused the plan to crash into a hillside in East Harerge, Haromaya. None of the people onboard were injured and further investigation is underway to identify the root cause of the accident, according to the WFP.

Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay VAT a...

Read more >>

Radar

World Bank Greases Financial Overhaul

The World Bank approved 700 million dollars in credit from the International Development Association (IDA) to scale up support for the financial sector. The funds are targeted at modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), supporting governance reforms, balance sheet restructuring, and recapitalization of the Commercial Bank of Ethiopia (CBE), and transforming the Development Bank of Ethiopia (DBE) into a sustainable development finance institutio...

Read more >>

Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde Bulto,...

Read more >>