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Korea Donates Masks to Ethiopian War Veterans

May 23 , 2020

The Embassy of the Republic of Korea in Addis Abeba has donated a total of 40,000 face masks to be delivered to 911 people, including war veterans and their families. The donations, provided by the 70th Anniversary of the Korean War Commemoration Committee of Korea, is aimed at protecting the veterans from the Novel Coronavirus (COVID-19). The Embassy, which plans to visit each of the war veterans, stated that the contribution of the veterans has been significant to the freedom of Korea and that this is part of the effort to promote their health and welfare. Hoon-min Lim, the Ambassador to Ethiopia, stated that Korea would not forget the noble sacrifices of Ethiopian war veterans. The Korean War Veterans Association, represented by Melese Tessema, the head of the Association, expressed gratitude and asked for sustained support for the veterans and their family members.

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 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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