Kombolcha Park Registers $3m in Export Earnings

Apr 2 , 2022

Kombolcha Industrial Park generated more than three million dollars from exports since tenants there resumed operations earlier this year following stagnancy due to the militarised conflict in the country's north, according to the Industrial Parks Development Corporation (IPDC). Located in the Amhara Regional State, the Park, one of 13 under the purview of the corporation, was inoperative for over two months due to the fighting. Officials say it sustained half a billion birr' worth of damage as a result of the conflict. Its tenants resumed export activities in February 2022, producing and shipping abroad synthetic textile products mainly to markets in Europe. Officials expect its exports to generate a total of 13 million dollars this financial year. It has thus far managed 7.7 million dollars.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...