Domestic Investors to Embark on Coal Plant Projects

Jun 19 , 2021

Two coal processing plants are set to begin construction in Gurage Zone and Assosa, as announced by Takele Uma, minister of Mines & Petroleum, during foundation-laying ceremonies held three days apart this past week. In the Gurage Zone, the first is a coal washing and processing plant being erected by SUN Mining and Trading Plc, a subsidiary of the Sunshine Investment Group, projected to be finalised in 10 months with a capacity to process 800,000tn of coal annually. The other one in Assosa, being developed by NOC Ethiopia is projected to be finalised in 11 months. The Minister stated that several other companies are expected to join the coal production business in different parts of the country to boost overall production capacity to 2.5 million tonnes annually. Ethiopia spends over 200 million dollars a year 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...