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Healthcare, Floriculture Businesses Awarded 4.9m Grant

Apr 21 , 2024

A couple of businesses have been awarded a 4.9 million euro grant aimed at creating jobs in the healthcare and floriculture industries. Kadisco General Hospital and Tinaw Business Share Company were chosen from a pool of 318 applicants by the Facility Investing for Employment (IFE). Operating on behalf of the KfW Development Bank and the Economic Cooperation & Development of Germany, IFE aims to generate 100,000 jobs in Ethiopia and seven other African countries. The grant arrives at a pivotal moment, with the International Labour Organisation (ILO) highlighting a surge in the number of youth not in education, employment, or training (NEET) across Sub-Saharan Africa, totalling 62 million people. Established in 2004 and staffed by 192 healthcare professionals, Kadisco plans to use the 2.09 million euro grant from IFE to finance equipment for its expansion, which is anticipated to create job opportunities for nearly 249 individuals. Meanwhile, Tinaw, a cut flowers exporter, aims to triple its production within three years by expanding its operations. With a total investment cost of 10.37 million euros, the company will receive close to 2.3 million euros from IFE, to create job opportunities for 1,202 workers.

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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 V...

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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...

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Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...

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