Flower Farms Push Horticultural Exports to $500m

May 28 , 2022

The export of horticultural products brought in half a billion dollars over the first three quarters of the financial year. It represents a 15pc growth from revenues over the same period last year. Fresh-cut flowers account for the major share, with flower farms bringing in over 420 million dollars. Fruits and vegetables make up the balance. There are 72 flower farms in operation, 64 of which are foreign-owned. They sell their products primarily to markets in the Netherlands, Saudi Arabia, the UK, and Norway. Though fresh-cut flowers are the country's third most valuable agricultural export commodity, after coffee and khat, industry players say the central bank's forex retention policy and a change to the threshold price for the export of fresh-cut flowers are hampering operations.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...