Afro Bank Joins Burgeoning Industry

Jan 31 , 2021

Afro Bank S.C., an under formation Bank, has commenced floating it shares for public subscription. The Bank is offering 750,000 shares with a par value of 1,000 Br. Potential shareholders will have to acquire a minimum of 100 shares to be part of the venture, while the upper limit on share subscription is set at five percent of the floated capital, as per the central bank's regulations. The Bank is just one of over a dozen currently under formation including the likes of Tsehay, Jano, Ahadu, Amhara and Damota banks among others. Currently, there are 17 commercial banks in the country in addition to the Development Bank of Ethiopia, a specialised state-owned development financial institution and the National Bank of Ethiopia, the country's regulatory bank.



A painting depicts traditional farming equipment at the Science Museum around the Arat Kilo area. Since the seizing of power by the current administration, large-scale architectural projects marked by grandeur have proliferated across the capital. The satellite city being built in the Yeka mountains, which is set to cost around 600 billion Br, according to the Prime Minister, is one such project yet to see the light of day. Some estimates put the plot size for the project at around 503hct despit...



A queue for diagnostics at the nation's largest state-owned hospital, Black Lion. As the health sector is largely funded by development partners from abroad, decreased support as donors shied away due to the war in the North has required the suspension of several new projects. Social health Insurance slated for next year was scraped due to a budgetary shortfall of five billion Birr. With the physician-to-patient ratio titering at around 1:30,000, queues in public hospitals are commonplace in Eth...



A street vendor puts up pepper for sale around the Lideta area. With agricultural produce accounting for the largest share of the nation's GDP at around 40pc, setbacks in the delivery of fertilizer have become a source of strife in rural Ethiopia. Only a third of the scheduled fertilizer of 1.3 million quintals has been distributed into the hands of farmers this year. This is despite the year being one in which the government claims to have met local demand for wheat and started exporting. Low p...