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Land Bank Corp, Architects Ink Deal for Landholding Dev't

Apr 12 , 2020

The Land Bank & Development Corporation has signed an agreement with the Association of Ethiopian Architects to work in partnership for landholding development. The agreement was signed during a virtual meeting between Lensa Mekonnen, CEO of the Land Bank & Development Corporation, and Amanuel Teshome, president of the Association of Ethiopian Architects. The agreement will enable the two parties to co-assess and make baseline analyses of Addis Abeba city development-related plans, designs and strategies. The deal will also enable the duo to conduct international baseline analyses for the development of federal government district offices, including analyses of the re-location of government offices. The two parties will also co-design federal government offices and host workshops on topics pertinent to landholding development in strategically selected city administrations across regional states.

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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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...

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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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