One of the Largest Edible Oil Plants Goes Operational

Feb 6 , 2021


[ssba-buttons]

PhiBela Industrial Complex, a subsidiary of Belayneh Kinde Business Group, has inaugurated an edible oil refinery with a capacity to produce 1.5 million litres of edible oil a day. The factory, which rests on a 30ha lot, was built in Bure city, an area located in West Gojjam, Amhara Regional State, more than 400Km away from Addis Abeba. Built at a cost of 4.5 billion Br, the industrial complex incorporates a sesame oilseed processing plant, a detergent manufacturing factory, and a vegetable butter, margarine and plastic container factory. The sesame oilseed plant has the capacity of producing 200tn of sesame oil a day, while the detergent factory produces 96tn  of detergent a day. The complex is expected to employ 3,000 people. Belayneh Kinde Business Group was established in the 1990s and engages in import and export, transport, construction, hotels, transit and agriculture.


Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...