Ministry Endeavours to Privatise Sugar Enterprises

May 27 , 2023

In an effort to privatise the eight sugar enterprises, interested bidders were invited to submit proposals By the Ministry of Finance and Ethiopian Investment Holdings. The enterprises up for grabs which were hitherto managed by the Holding are Omo Kuraz 1, 2, 3, 5, Kesem, Arjo Dedesa, Tanabeles, and Tendaho. Officials believe issuing a Request for Proposal (RFP) will demonstrate the government's commitment to a competitive and liberalised market structure. The RFP comprehends bid submission procedures, detailed information about the manner of assessments, the scope of privatisation, and evaluation criteria. In August 2022, the Ministry attempted to transfer state-owned enterprises to private entities, with over 20 companies expressing their interest in bidding where interested parties must sign non-disclosure agreements and pay a participation fee to participate in the bid.  


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...