ECX Inaugurates Third Online Trading Centre

Jun 15 , 2019

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.


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...