Gov't Avails $85m for Cement Factories

Aug 29 , 2020


[ssba-buttons]

The government has availed 85 million dollars in foreign currencies for cement manufacturers, which have been challenged by the forex crunch, to import spare parts. Melaku Alebel, minister of Trade & Industry, announced this last Tuesday, August 25, 2020. The Minister stated the intervention is expected to boost the production capacity of the 12 cement factories, which are performing at an average of 63pc of their total capacity. The current capacity of the companies is expected to increase to 85pc in the coming three months, according to Melaku, who added that in the meantime the Ministry will allow the importation of cement to match the current need. Currently, cement demand in the country stands at 11.5 million tonnes a year, while the actual production is a little over eight million tonnes. The Ministry, in a series of moves, also removed the price ceiling it had placed on retailers in addition to allowing wholesalers or agents, grade-one contractors and megaprojects to engage with the distribution of cement again.


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...