Metal Products Manufacturer Inks Sebeta Expansion Deal

Aug 13 , 2022

Woda Metal Industry Plc has inked a deal with the Ethiopian Investment Commission to expand its 19hct plant in Sebeta town, Oromia Regional State. The Chinese-owned company is involved in the manufacturing of steel structures such as telecom towers, high voltage cables and metal bellows. Its managers want to expand the facility in Sebeta to cover 100hct, erecting three assembly lines for electric cars, transformers and tyres. They estimate the expansion will require 95 million dollars. Close to 500 medium and large basic metal and engineering industries with a combined annual production capacity of 11 million tonnes operate in the country. Out of the total, 28pc are foreign companies. A lack of raw materials and foreign currency means metal industries are not utilising their full capacity.


Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...


Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...