FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds




Oromia's Steam Power Poised to Propel Progress

Sep 18 , 2023


[ssba-buttons]

Over half of the drilled steam power generating wells are deemed complete by the Ethiopian Electric Power (EEP) at Aluto Langano Geothermal Power Station in Arsi Zone, Oromia Regional State. The project carried out with a 143.5 million dollar financial package from the World Bank where 24.5 million dollars was a grant. An agreement with World Bank has been reached for the drilling and testing of four other sites until next year. The wells are drilled to depths between 2,500m to 3,000m each and are expected to generate a total of 70MW energy when the two phases are complete. After completing the testing procedures, officials revealed the completion of six wells that can generate up to 25MW energy. Mesay Fekadu, director of the Department of Geothermal Sector Development Project at EEP, said the remaining four will be functional in the coming four months. Ethiopia has renewable energy resources with the potential to generate over 60,000 MW of electric power from hydroelectric, wind, solar and geothermal sources. With only around half of Ethiopia's population having access to electricity, development institutions and private energy companies have insisted on the development of renewable energy sources to meet the nation's demand.


Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...