New Sunflower Oil Hits Shelves

Dec 14 , 2019

A new locally-refined sunflower oil joined the market from a plant that is located in Adama, Oromia Regional State. AB Plc has started producing a new refined sunflower oil called Sunvito at its plant. The company, which operates with 200 employees, targets to meet 40pc of the country’s sunflower oil demand. The construction of the plant took three years and the product only hit shelves four weeks ago. It imports raw materials from the Black Sea Area sub-region. AB Plc, a manufacturing company under Al Implex that has been importing sunflower oil is undertaking projects to produce specialized oil products such as olive oil, sesame oil (for export) and soft oils like soybean oil, corn oil and other vegetable products.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...