BELAYA Launches "Sport" Water Brand

Nov 19 , 2022


A private company, BELAYA Industrial Plc, has inaugurated a water bottling plant, launching a brand dubbed “Sport”. The brand is 105th bottled water in the market and the third slated for export. The plant was erected two months ago in Sululta Kebso-Wesarbi town, Oromia Regional State, on a 24,000Sqm plot with a 1.2 billion Br investment. The plant was inaugurated last week in Sululta town in the presence of Melaku Albel, minister of Industry, and the Mayor of Sululta. Close to 90pc of the 20,000 investment licenses issued in Oromia are in and around Sululta, raising 600 billion Br, disclosed Adugna Teshome (PhD), head of the investment bureau. A sister company of Anmaw Alemu Business Group, Belaya has created job opportunities for 420 employees, and will employ about 1200 individuals when it is fully operational who bottle over 9.7 billion litres annually. The company’s executives aspire to introduce soft drinks and juice, employing more than 1,200 individuals.


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...


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...


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,...