Ethio telecom Execs Laud 61b Br Revenues

Jul 30 , 2022

The state-owned Ethio telecom closed off the financial year with 61.3 billion Br in revenues. Although it is an 8.5pc jump from the previous year's performance, the telecom operator's executives, led by CEO Frehiwot Tamiru, say outages brought on by miltarised conflict and instability at nearly 3,500 sites were a hamper. Mobile voice services provided to 64.5 million subscribers accounted for 51pc of total revenues while data and internet made up a quarter of earnings. The company generated close to 147 million dollars from its international business operations. Ethio telecom's Telebirr mobile money platform facilitated remittances of almost one million dollars last year. The operator was one of over two dozen of the country's largest state-owned enterprises to come under the purview of the Ethiopian Investment Holdings (EIH) earlier this year. Others include the Ethiopian Airlines Group, the Commercial Bank of Ethiopia (CBE), and the Ethiopian Insurance Corporation.


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...