Cargo Traffic at Djibouti Port Surges by 7pc

Dec 14 , 2019

Dry bulk cargo traffic at the Doraleh Multipurpose Port (DMP) and SDTV Bulk Terminal have increased by seven percent compared with the same period last year. Since January, the two ports have processed a total of 3.4 million tonnes of dry cargo. The facilities have private concessionaires with a concession agreement of 30 years, of which 18 years remain. The volume is expected to and reached an estimated total volume of 3.7 million tonnes at the end of this year, according to a statement from the Djibouti Ports & Free Zone Authority. Another new port, Tadjourah, also offers an option for dry bulk importers and exporters. The port has a depth of 14.5 metres and has the capacity to accommodate vessels up to 80,000 in deadweight tonnage (DWT).


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...