Court Orders Ayka to Pay 6m Br to Amibara

Feb 15 , 2020

The Federal High Court ordered Ayka Addis Textile Investment Plc to pay six million Birr of debt it owes to Amibara Agricultural Development Plc. The Court ordered the company to pay the value for cotton transactions the duo made between 2009 and 2016. Though the Court has summoned Ayka to present its defence, representatives of the company did not show up. Amibara Business Development Plc, a company that is engaged in the agricultural development business, had been supplying cotton to Ayka Addis for around eight years. Ayka, which has been declaring losses since 2013, is also unable to service 2.9 billion Br of debt from the Development Bank of Ethiopia (DBE), which repossessed it last year. DBE's Ethio Capital Investment S.C. is currently running the company. The company, which used to have 7,000 employees, ceased operations over the past couple of months.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...