ECX Inaugurates Third Online Trading Centre

Jun 15 , 2019


[ssba-buttons]

The Ethiopian Commodity Exchange (ECX) has inaugurated the third electronic trading centre in Humera, west of Tigray Regional State. The centre was inaugurated in the presence of Abraham Tekeste (PhD), vice president of the Tigray Regional State, and Fetlework G. Egziabher, minister of Trade & Industry. ECX has invested 10.4 million Br for the centre, of which 7.2 million Br was spent on construction. The remaining was invested in information technology equipment and stationary materials. The European Union has covered half of the budget, while the remaining was contributed from the ECX’s coffers. Lying on 2,000Sqm of land secured from the City Administration for a lease free, the centre has been in a trial phase since April 5, 2019, when it transacted 1,431tn of sesame valued at 86 million Br. ECX is also in the process of constructing a warehouse that can store up to 15,200tn of commodities at Humera with an estimated cost of 40 million Br. There are two more trading centres in Addis Abeba and Hawassa, the capital of the Southern Nations, Nationalities, & Peoples’ Regional State.


Radar

New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...


Radar

City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...


Radar

Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...