Liability Corp Gets Board Chairperson

Jul 31 , 2021

Tegegnework Gettu (PhD), the board chairperson of the Development Bank of Ethiopia (DBE), has been chosen to serve as board chairperson of the Liability & Asset management Corporation (LAMC). The Corporation was established earlier this year to retain and manage the residual debt of government enterprises with a capital of half a trillion Birr. Tegegnework had served in various UN organisations until 2018. His final post was United Nations Under-Secretary-General and Associate Administrator for the UNDP. The Corporation's board of directors are Helaway Tadesse, a senior director at Cepheus Capital, Meseret Bitew, chief financial officer of Ethiopian Airlines, and Wassihun Abate, a senior legal expert specialising in tax policy.  A few weeks back the Mulualem Getahun, a veteran in finance and investment, was appointed as Deputy CEO of the Corporation, which is expected to retain earnings from the liberalisation of the telecom sector. The government of Ethiopia has awarded a 15-year telecom license to a consortium led by Kenya's Safaricom, for which it received 850 million dollars.


Addis Chamber Embarks on Leadership Forum

A leadership forum where prominent executives will share their experiences in the business environment is organised by the Addis Abeba Chamber of Commerce & Sectoral Association (Addis Chamber) and SAK Training & Consultancy Firm. Headlining Arega Yirdaw (PhD), president of Unity University, who is expected to address the fortunes and adversities of the leadership ecosystem and share insights into his cascade of experiences, the first round is expected to set off at the Inter-luxury H...


Wegagen Bank Launches its Mobile App

Embracing the digital realm, Wegagen Bank officially launched its mobile banking application last week. The App was inaugurated in Dire Dewa City, with Yehwalashet Zewdu, vice president of the Bank Enterprise Services, showcasing its service that provides secure and seamless financial services. According to Yehwalashet, Wegagen Mobile meets the evolving needs of its clientele in Amharic, English, Afan Oromo, Tigrigna and Somali languages. Incorporated in 1997, Wegagen Bank has grown to become...


Zemen Bank Joins IFC's Trade Finance Program with $30m Boost

Zemen Bank has secured a 30 million dollar trade finance guarantee from the International Finance Corporation (IFC) to boost the trade finance operations. A member of the World Bank Group, IFC has welcomed Zemen as the newest member of its Global Trade Finance Program aimed at supporting exports and imports. Signed by Dereje Zenebe, president of Zemen Bank and Madalo Minofu, country manager of IFC, the trade financing is part of the one-billion-dollar Africa Trade & Supply Chain Finance P...