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Ministry Eyes Drones for Mining

Dec 29 , 2018

Two federal ministries, the Ministry of Mines, Petroleum & Natural Gases and the Ministry of Innovation & Technology, have joined in agreements to use drone technology for mineral and natural resource exploration and surveillance of fuel pipelines. The Ministry of Mines has been working on reforms and restructuring, following declines in revenues. One of the areas the reform focuses on is information technology and database management. Two years ago the Ministry of Mines planned to collect 780.87 million dollars but failed, achieving only 27.4pc of its target.

Radar

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 VAT a...

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World Bank Greases Financial Overhaul

The World Bank approved 700 million dollars in credit from the International Development Association (IDA) to scale up support for the financial sector. The funds are targeted at modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), supporting governance reforms, balance sheet restructuring, and recapitalization of the Commercial Bank of Ethiopia (CBE), and transforming the Development Bank of Ethiopia (DBE) into a sustainable development finance institutio...

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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 Bulto,...

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