Coal Plant Construction Kicks Off

Jun 19 , 2021

The Sunshine Investment Group has begun the construction of a 600 million Br coal washing plant in the Gurage Zone, bringing with it the potential to save over 65 million dollars a year that would otherwise be spent on the import of coal. Sun Mining Coal Factory, which sits on 23.3ht of land, will have the capacity to wash and process 800,000tn of coal annually once it goes operational, which it is expected to do in a year's time. The plant will require one million tonnes of unwashed coal a year and it will be sourcing the raw material from a coal mining site and coal miners' associations in the Gurage Zone. Ethiopia spends over 200 million dollars annually on importing coal for cement production and energy generation.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...