BGI Expands Meta Abo Brewery with 550m Br

Feb 18 , 2023


Meta Abo Brewery's expansion with over half a billion Birr investment was launched last week by BGI Ethiopia. The investment is expected to reequip, renovate and expand the Brewery, the newly appointed Chief Executive Officer, Herve Milhade, disclosed at a press conference held at the factory’s plant in Sebeta. BGI invested in manufacturing equipment, including a heavy-duty generator with a three-megawatt capacity, with the goal of making Meta's production capacity 30 million litres a month. Established in 1998 as a state-owned Brewery, the company acquired by the French interest in the 2010s received approval to add Meta Abo Beer to its portfolio a month ago. Under Groupé Castel's large-scale brewing and beverage production wing that operates internationally in more than 53 countries, BGI has hired 1500 people in Sebeta.


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,...