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Land Corp. Aspires for $2b in Foreign Capital

Oct 22 , 2022

Executives of the federal Land Bank & Development Corporation (LBDC) aspire to lure foreign investment they estimate will reach two billion dollars. They plan to host a two-day investment forum dubbed "Invest Origins" at the end of January next year. They hope the platform will mobilise international capital to diversify investment opportunities in Ethiopia. Land Bank & Development Corporation is one of the 28 corporations under the Ethiopian Investment Holding Group, managed by Mamo Miheretu. The state-owned Corporation envisions placing Ethiopia among the five international investment destinations for property development. It has invited public and private sectors to join the partnership and attract high-calibre investments into the market. The Corporation anticipates making investment deals through joint ventures or partnerships. The Chief Executive Officer (CEO), Lensa Mekonnen, wants to see the forum attract foreign companies from the construction and information communication technology (ICT) sectors to Ethiopia. Baroque Interiors & Events, Mela Events, and Ethel Events & Communications jointly organise the forum to be held in the capital.

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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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