Fourth Malt Factory Takes Root

Mar 16 , 2019


The Soufflet Group, a French family-owned business that collects and adds value to agricultural raw materials, is going to build its fourth malt factory for 70 million euros. The plant, to be built in Bole Lemi Industrial Park, will rest on 10ha and will be operational in 2020, having a production capacity of 60,000tn of malt a year. It also plans to push the production capacity to 110,000tn. The plant, whose cornerstone was laid last week, is also expected to offer jobs to 300 people. Currently, the country imports 70pc of its malt to satisfy demand, while Gonder and Assela malt factories cover the balance.


Radar

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...


Radar

ROLLING CREDIT

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...


Radar

SPREADING HORIZONS

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...