Industries Forge Alliance to Recycle Water

Aug 14 , 2021


Bottling companies and industries involved in agri-businesses partners to form an alliance in a bid to recycle water that they use for their establishments. Supported by international organizations, including the Water Aid, the formation of the alliance was faclitated by the Ethiopian Bottled Water, Soft Drink, Fruit & Vegetable Manufacturing/Processing Industries Association. Funds collected for the alliance have so far reached 135,000 dollars, of which 35,000 dollars was collected from members and 100,000 dollars from P4G – Partnering for Green Growth and the Global Goals 2030. The Alliance is also reviewing proposals from interested parties that came up with ideas on how to use water efficiently in the industries where consumption of water is very high. Four proposals have been selected from a total of 360 collected since 2019. Setting  August 26, 2021, as the formation date, the Association of 120 manufacturers and supporting organisations are set to convene at the Hilton Hotel, and sign the alliance formation charter. After the formation, the alliance will form its management and be tasked with the assignment of registering as a civil society organisation.


Radar

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 VAT a...


Radar

World Bank Greases Financial Overhaul

The World Bank approved 700 million dollars in credit from the International Development Association (IDA) to scale up support for the financial sector. The funds are targeted at modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), supporting governance reforms, balance sheet restructuring, and recapitalization of the Commercial Bank of Ethiopia (CBE), and transforming the Development Bank of Ethiopia (DBE) into a sustainable development finance institutio...


Radar

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 Bulto,...