Ahadu Bank Gears Up for Service

Jan 3 , 2021


Ahadu Bank, one of the under formation banks, held its first establishment general assembly at Ghion Hotel this past Saturday. The Bank had received permission from the central bank to begin selling shares last year in February 2020, but it was postponed to May due to the Novel Coronavirus (COVID-19) pandemic. The sale of shares commenced from May until early September. Buyers were able to purchase shares by depositing 50pc of the cost and paying off the remainder within a three-month period. A single share sold for 500 Br, while a minimum of 40 shares and a ceiling of 40,000 shares were in place. The Bank has amassed 540 million Br in paid-up capital from a total of 760 million Br of subscribed shares through 10,500 shareholders. Seventeen individuals with backgrounds in banking, business and construction initiated the establishment of the Bank, including Kassahun Hailemariam, former director-general of the Federal Transport Authority. Ahadu is among around a dozen banks that are currently under formation in the country. In the coming year, the likes of ZamZam, Gadda and Amhara Banks are set to join the 17 commercial banks that are currently operating in the country.


Radar

Ministry Ponders Tax Waivers for Rural Energy Solutions

Tax exemptions for off-grid energy technologies like solar pumps and mini-grids are under discussion, spearheaded by the Ministry of Water & Energy. Commonly used by rural households, officials disclose their simultaneous plan to develop 300 mini-grids in the next six years. According to Birhanu Weldu, the lead executive of rural energy technology development, the initiative tackles the country's low electrification rate and reliance on charcoal and firewood. Charcoal, fuel wood, and...


Radar

Rural Land Proclamation Comes to Light

A landmark legislation that grants title holders in rural areas the right to use the property as collateral was unanimously ratified by Parliament last week. It primarily focuses on extending access to finance for farmers and pastoralists, through a structured land title system. It also introduces criminal penalties for the illegal transfer of property. Replacing the 18-year-old proclamation for rural land management, the law sentences individuals engaging in land invasions and unauthoris...


Radar

Ethiopian Unveils $50m Domestic Terminal Renovation

With a rising demand for domestic travel, Ethiopian Airlines has renovated its terminal at Addis Abeba Bole International Airport with 50 million dollars to handle customers. The expanded terminal has doubled its previous size to 25,750Sqm and accommodates 200 daily flights to and from 22 domestic destinations. It includes four contact gates, 10 remote departure gates, 22 check-in counters with automated baggage screening systems, shops and restaurants. The terminal also features a dedica...


Back
WhatsApp
Telegram
Email