European Lab Sets Foot in Hawassa

Dec 7 , 2019


SGS, a multinational company headquartered in Switzerland, has opened a fabric and garment testing laboratory in Hawassa Industrial Park. The laboratory provides tailor-made testing services to local businesses, assuring compliance with international regulations and requirements. SGS's presence in Ethiopia will contribute to and strengthen the local apparel industry’s ability to meet the requirements of global standards and international markets, according to a statement from the company. Their quality inspection, compliance audits, factory assessment, and loading supervision bring to Ethiopia a one-stop service for the country’s textile industry. SGS has over 97,000 employees worldwide and operates a network of more than 2,600 offices and laboratories. More than 65 textile investment projects have been launched in Ethiopia by foreign investors in the last six years. In 2018, the revenue generated from the export of the textile products was 110 million dollars, only 46pc of the target set for the sector. Shortages of cotton, lack of trained employees and instability in some parts of the country were identified as the main causes of the shortfall.


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 VAT a...


Radar

World Bank Greases Financial Overhaul

The World Bank approved 700 million dollars in credit from the International Development Association (IDA) to scale up support for the financial sector. The funds are targeted at modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), supporting governance reforms, balance sheet restructuring, and recapitalization of the Commercial Bank of Ethiopia (CBE), and transforming the Development Bank of Ethiopia (DBE) into a sustainable development finance institutio...


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 Bulto,...