Ministry Amasses 107.6b Br in Four Months

Nov 21 , 2020


[ssba-buttons]

The Ministry of Revenues has collected more than 107.6 billion Br in revenues during the first four months of the current fiscal year. Surpassing its target by three percent, its earnings have increased by 17.3 billion Br as compared to the same period in the previous fiscal year. The Ministry aims to collect a total of 290 billion Br over this fiscal year. Facilitation of payments through electronic services and stringent control from the administration have been attributed as reasons for surpassing the target and expanding its revenues, according to Lakew Ayalew, minister of Revenues. Contraband items worth over 887 million Br have also been apprehended by the Ministry. Through an effective auditing system, the Ministry was able to collect 11.4 billion Br of outstanding debt from a targeted 8.3 billion Br during the first quarter of the budget year. The Customs Commission, under the wing of the Ministry, reported revenues close to 11.7 billion Br during the first quarter.


Radar

Dangote, EIH Break Ground on Mega Fertilizer Plant in Somali Region

Ethiopian Investment Holdings (EIH), the state's sovereign investment arm, has struck a deal with Dangote Group to build one of the world's largest urea fertiliser complexes in Gode, Somali Regional State. The 2.5 billion dollars project will see EIH hold a 40pc stake while Dangote keeps 60pc. With agriculture employing over 70pc of Ethiopians, the government hopes the factory will cut fertiliser costs, create jobs, and boost crop yields while positioning the country as a regional hub. Design...


Radar

CBE Capital Joins Nib Bank for Market Expansion

Nib International Bank has partnered with CBE Capital, the investment arm of the Commercial Bank of Ethiopia (CBE), to expand investment banking services and shore up its finances. The deal covers advisory services, seeking to strengthen Nib's balance sheet, attracting capital, and positioning the bank in a modernising financial sector. The partnership follows a difficult year for Nib, where net profit dropped 36pc to 957.9 million Br and deposits shrank, despite paid-up capital climbing to ...


Radar

Credit Cap Nears Lift-Off

The National Bank of Ethiopia (NBE) is preparing to lift its long-standing credit cap by September, unlocking 1.3 trillion Br in bank lending. The move, flagged by board member and State Minister of Finance Eyob Tekalegn (PhD), follows years of complaints from businesses that borrowing limits choked large-scale projects. Eyob told a local radio station the reform reflects rising investor appetite and improved economic conditions, though he admitted "financing has been the biggest bottleneck for...