Industrial Park Corp Changes Guard


Industrial Park Corp Changes Guard

It was a notable couple of years for Sandokan Debebe, serving as the head of the Industrial Parks Development Corporation (IPDC). Last week, he stepped on the ladder as the State Minister for Planning & Development. Having a background in food science and nutrition, Sandokan feels he leaves behind a foundation for the Corporation amid the challenging years of the global pandemic. His time at the Corporation also saw Ethiopia delisted from AGOA's preferential trade, affecting several manufacturers housed in the industrial parks. However, the Corporation reached 360 million Br in operational profit by the end of last year, from 160 million Br loss recorded the year before. He has a bit of regret, too. "I left without completing the reforms started under my watch," Sandokan told Fortune. "It's time to see the results of efforts put into building a strong industrial hub." Industrial parks are criticized for labour abuse and wages. Ethiopia's delisting from AGOA also has factories downsizing their workforce and making ends meet in the domestic markets. Sandokan rebuts the allegation as groundless, stating that the labour force with little education is paid more than their peers outside the park. "Wage adjustments alone would not solve the issue," he said. "The law needs amendment." Sandokan had served the Technology & Innovation Institute as a director general before he was appointed to run the Corporation. He hoped his work to attract investors would help the Corporation recover from the loss due to AGOA's delisting. His successor, Aklilu Tadesse, will have to pick up from where he left off. Aklilu was appointed by the Prime Minister to run the Corporation last week. Aklilu is a councillor of the Addis Abeba City administration and served as the Vice President of the city's Prosperity Party Youth League.


Radar

Ethiopia Buys Time, Not Relief as Creditors Stall on Debt Write-Off

Ethiopia's official creditors expect to finalise a draft restructuring of the country's debt in the coming months, granting the government more time to repay its obligations while avoiding a direct reduction to the initial debt amount. Ethiopia defaulted on its external debt in December 2023, before its leaders announced a preliminary deal in March with its Official Creditor Committee to reorganise 8.4 billion dollars, an essential step in moving beyond sovereign default. Under the agreement...


Radar

Road Injuries Increase by 35pc, with Pedestrians Most Affected

Addis Abeba's streets continue to present fatal risks for pedestrians, who account for 86pc of all traffic fatalities reported in 2023/24. Megenagna emerged as a particularly hazardous area, logging the highest number of fatalities, including 13 deaths. While the number of pedestrian deaths has dipped slightly, overall injuries have surged by 35pc since 2020/21, with eight out of 10 injuries involving those on foot. The Addis Abeba City Administration revised its 13-year road safety strate...


Radar

Awash Insurance Customer Week Discount

Awash Insurance Company(AIC), serving for over 30 years, gives a 25pc discount on Mortgage Redemption Insurance (MRI), Individual Life Insurance, Education Insurance, Workers' Compensation Insurance, and Fire & Lightning Insurance. This was announced during the celebration of Customer Week at their headquarters, on April 7,2025. Jibat Alemneh, CEO of the company said, Vehicles owners that purchased thier cars with full insurance coverage will receive enhanced benefits at no extra cost at...