CBE Dedicates Branch for Diaspora

Located at Legehar, the branch was inaugurated on October 4, 2019, with the presence of Bacha Gina, president of the CBE, and Selamawit Dawit, president of the Ethiopian Diaspora Agency.


CBE Dedicates Branch for Diaspora

Commercial Bank of Ethiopia, the state-owned banking giant, has inaugurated the first branch that is dedicated to the Ethiopian diaspora. Located at Legehar, the branch was inaugurated on October 4, 2019, with the presence of Bacha Gina, president of the CBE, and Selamawit Dawit, president of the Ethiopian Diaspora Agency. The opening of the branch is a manifestation of the commitment of the Bank to serve the Ethiopian diaspora and meet their demands, according to Bacha. Though there is no official data that shows the exact figure of the diaspora population, different statistics indicate that there is about three million Ethiopian diaspora residing abroad. Mortgage loans, foreign exchange and international banking services, as well as other alternative banking options, are the services to be provided by the new branch. "CBE has also been designing a new investment project that will be unveiled soon to benefit the diaspora," Bacha disclosed during the inauguration ceremony. In the last fiscal year, the Bank has earned a gross profit of 17.9 billion Br. Its total assets have also reached 712 billion Br, registering a 145 billion Br increase from the previous year.

[ssba-buttons]

Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...