Oromia Bank, Ethio Engineering Group Affiliate to Oversee Finances


Ethio Engineering Group partners with Oromia Bank to facilitate its foreign currency needs while it manages its finances through the Bank. President of Oromia Bank Teferi Mekonen inked a mutual agreement with Suleiman Dedefo, CEO of the group, at the Bank's headquarters last week. Ethio-Engineering Group (EEG), formerly known as the Metals & Engineering Corporation (METEC), still has large investments across its nine factories that require a constant supply of industrial inputs from abroad. It has reported a 101 million Br profit as its audit findings were revealed to Parliament last month, with debt obligations from its previous organizational structure remaining frozen. Teferi claimed that the Bank has earned a positive reputation for the timely provision of funds to its customers. Oromia Bank netted a profit of 1.2 billion Br partners with 40 other companies and institutions with similar agreements, according to Abdi Hunde, head of the partnership division at the Bank.


Radar

Coffee Exports Bring in 1.5B Br in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...