Bahir Dar Gets New Pipe Factory

Aug 31 , 2019


Edge pipe manufacturing factory was built at a cost of 244 million Br and was inaugurated on August 30, 2019. The factory rests on 4.7ha of land and is located in Bahir Dar, Amhara Regional State. The inauguration was attended by Temesgen Tiruneh, the president of Amhara Regional State. The construction work was done by Amhara Metal Company and Amhara Waterworks & Design. The factory, which produces pipes and taps that can be used for water and sanitation projects, will create 2,500 jobs when it becomes fully operational. It will also produce other materials such as plastic packages, fibre products and chairs, according to Acha Demisse, general manager of the factory. “The factory’s products will substitute imported products, reducing the need for foreign currency,” said Acha. “We also plan to export our products.”


Radar

Fitch Downgrades Lemmi National Cement Investor

Fitch Ratings has lowered West China Cement Limited's (WCC) credit rating due to concerns over its financial health and operating environment in Ethiopia. The company's Long-Term Issuer Default Rating has been downgraded to 'B-' from 'B+', and its senior unsecured rating has been reduced to 'CCC+'. WCC's free cash flow is expected to remain negative in 2024, primarily due to high capital expenditures and challenges in generating sufficient revenue. The company faces significant operating risk...


Radar

Ethiopia Seals Currency Swap Deal with China

Ethiopia and China have agreed to use their respective currencies for bilateral trade, a move aimed at enhancing economic cooperation and addressing foreign exchange challenges. The announcement was made by Ethiopian Finance Minister Ahmed Shide following the recent Forum on China-Africa Cooperation (FOCAC) meeting in Beijing. He revealed that the central banks of both countries are finalizing the details of the currency swap agreement, similar to the one Ethiopia signed with the United Arab...


Radar

USAID Launches National Youth SACCOs

The United States Agency for International Development (USAID) Integrated Youth Activity (IYA), Kefeta, has reached a milestone in its youth empowerment efforts. The Amref Health Africa-led project has successfully established youth-owned and managed Savings and Credit Cooperatives (SACCOs) in 18 cities. The Kefeta Youth SACCO, now operational on a national scale, has already garnered substantial membership and savings. With over 7,800 members, 38,900 shares sold, and nearly 60 million Br in...


Back
WhatsApp
Telegram
Email