Capital Gears Up to Host Leather Fair

Jan 21 , 2023


Over 200 tanners, footwear and leather goods manufacturers and garment producers are preparing to showcase their products in three weeks. Close to 17,000 people are expected to attend the three-day event at the Millenium Hall. The Ethiopian Leather Industries Association partnered with the Ministry of Industry, the Ministry of Trade & Regional Integration and the United Nations Industrial Development Organisation (UNIDO) to organise the fair to be opened on February 16, 2023. In the first 10 months of the past year, a little over 33 million dollars was earned in export from the leather industry from the expected 69 million dollars. The Association President, Redman Bedada, said the event would play a vital role in reinvigorating the leather industry and reversing the downturn in the aftermath of the pandemic.


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