Chinese Institution Covets Bamboo Development


Ethiopia aspires to develop the bamboo industry through technology, research, and training partnering with China’s Nanjing Forestry University last week. Officials at the Ethiopian Forestry Development said that the industry remains underdeveloped considering the large resources available with 1.47 million hectares of bamboo forest. Average exports of bamboo products only accounted for 0.02pc of global exports, proving that the country has not used it even to its minimal potential. According to the Bamboo World Map report, the lack of skills in bamboo management and the absence of technologies to increase lifespan and upgrade the production chain has made the country incur a low economic return. China’s bamboo forest area and accumulation are among the leading in the world. It has more than 6.67 million hectares of bamboo forests with an annual output value of the industry projected to exceed 110 billion dollars in 2025.


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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...


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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...


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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...


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