City Creates Over 34,000 Jobs in Three Months

Nov 23 , 2019


Over 34,000 job opportunities in Addis Abeba were created in the first quarter of the fiscal year. The city’s Job Creation Enterprise Development Bureau plans to create over a quarter of a million jobs in the current fiscal year. Out of 34,000 jobs created, 25,935 are permanent and 8,568 are temporary job opportunities. Manufacturing, construction and urban agriculture account for the majority of the jobs created during the first quarter. Out of its total plan, the Bureau aims to create more than 200,000 jobs by organizing youth permanently and temporarily under associations, while the remaining jobs would be created by employment institutions. The Addis Abeba Housing Development & Administration Bureau’s Housing Development Corporation planned to create over 90,000 job opportunities, although the commencement of the housing projects was launched late. The mega projects of the city, which play a significant role in job creation, are on their initial phase of commencement, according to Meron Adissie, public relations team leader of the Enterprise Development Bureau.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...