Chinese Firm Obtains Bentonite Extraction License

Mar 9 , 2019

Arerti Ceramic Manufacturing, a Chinese company, has obtained a bentonite mine extracting license from the Ministry of Mine & Petroleum. The agreement was signed on March 8, 2019, between Samuel Urkato (PhD), minister of Mine & Petroleum, and Shu Shawafeng, CEO of Arerti Ceramics Manufacturing. The concession will last for 10 years. Arerti will mine bentonite in Amhara Region’s Northern Shewa Zone, specifically Anegolela Woreda, to use it as a raw material to make ceramics. The Chinese company has allocated around 41.1 million Br for mining operations. It is also expected to create jobs for 30 people, while the ceramic manufacturing plant will employ 3,000 people.


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...