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Corporation Chips in 16.5m Br for Dine for the Nation

Oct 24 , 2020

The Industrial Park Development Corporation has contributed 16.5 million Br to Dine for the Nation, a gala dinner hosted by Prime Minister Abiy Ahmed (PhD) to raise funds for the redevelopment of tourist destination sites across three regional states. The contribution comes from the Corporation's management and employees, who have pitched in their one-month salary to the project. In addition to this, the Corporation has also purchased a ticket worth 10 million Br for a dinner seat at the gala. Charging 10 million Br and five million Birr a seat for VVIP and VIP, respectively, Dine for the Nation is aimed at raising three billion Br and is set to be held at the end of next month. The three projects to be developed are found in Gorgora in Amhara Regional State; Koisha in Southern Nations, Nationalities & People’s Regional State; and Wonchi in Oromia Regional State. They are expected to cost six billion Birr.

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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...

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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...

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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...

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