Ethiopian Miner, Australian University Sign Deal to Grow Sector

Nov 16 , 2019


Kefi Tulu Kapi Mining Company and the University of Western Australia School of Mines signed a memorandum of understanding. The signing was held at the headquarters of the Ministry of Mines & Petroleum to equip the workforce with the necessary skills for the growth of the industry on November 13, 2019. "The government of Australia recognises the significance of this industry for the growth of the country’s economy," said Peter Doyle, ambassador of Australia, during the signing ceremony. Ethiopia's mining industry has been in decline over the past several years. While it only generated 49 million dollars in the past fiscal year, the sector brought in 650 million dollars six years ago. "We will work with the Ministry to match international practices with young Ethiopian professionals," said Harry Anagnostaras Adams, executive chairman of Kefi.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email