Four Ago-Processing Parks to Go Operational

Feb 9 , 2019

Four integrated agro-processing industrial parks will be completed and inaugurated before the end of this fiscal year. The industrial parks are under construction at a cost of 10 million dollars. The four projects are earmarked for specific purposes. The park at Baeker is for sesame seeds, sorghum and livestock; Bulbula is for cereal and milk; Bure is for cereals, pulses and spices; and Yirgalem is for coffee, fruit and vegetables. The study and redesign of the parks took two and a half years, according to Ayalneh Abawa, a project advisor. The provision of electric power remains a challenge as each of the parks consumes 40MW to 50MW, and there is a shortage of foreign currency to construct substations.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...