Ethiopian, Boeing Deliver Humanitarian Supplies

Oct 3 , 2020


Ethiopian Airlines and Boeing delivered their 40th humanitarian delivery with the new 787 Dreamliner. Totalling 200,000 pounds, the supplies include face masks, sterile gloves to examine bassinets, tables, medicine and wipes. Sourced from Resolute Health Outreach (RHO), the Ethiopian National COVID-19 Response Task Force of Seattle and Embuaa Family, the humanitarian supplies will be distributed to hospitals, clinics and charities in Addis Abeba. Over the past 10 years, RHO has donated 200tn of medical equipment to Ethiopia. “This would not be possible without the help and cooperation of Ethiopian Airlines and Boeing. We are grateful for their commitment to this humanitarian project," said Richard Solazzi (MD), board chair at Resolute Health Outreach.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...