Corporation Records Consecutive Sales Slide

Feb 20 , 2021

The Ethiopian Trading Businesses Corporation reported a 43pc dip in sales for the second year in a row. The report, which pertains to the first half of this fiscal year, details that approximately 2.2 million quintals of basic consumer goods have been sold for 2.3 billion Br. Over 93pc of the recorded sales were domestic, while exports accounted for the remainder, achieving an overall 41pc of the amount targeted. A significant decrease in the amount of wheat, distributed to regulate market prices, was attributed as a major cause behind the decline, according to a statement from the Corporation. Though the Corporation had planned to distribute over 3.3 million quintals of wheat to the market, it only managed to present 302,000ql due to failures of large-scale wheat import purchases. In a bid to stabilise the market, it had provided 2.1 million quintals of coffee and other grains, wheat, fruits and vegetables, as well as raw materials for various industries.


Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...