Policy Bank to Auction off Three Farms

Oct 31 , 2020

The Development Bank of Ethiopia has put up the collateralised properties of Tagy Rose Integrated Farm, Tericordia Integrated Farm and Walga Agro-Industry for auction. The properties are located in Gambella Regional State in the southwestern part of the country. The Regional State, with vast amounts of fertile land and a lightly populated area, has been in the midst of massive controversial loans that have gone unpaid. The Bank intends to sell the buildings, vehicles, farm machinery, and the developed lands of the three farms. Located in Agnuwa Zone, Tagy Rose Integrated Farm and Tericordia Integrated Farm control 1,500ha and 2,071ha of land, respectively. The 110-year-old Bank has put the sale of Tagy and Tericordia at a floor price of 24.9 million Br and 33.4 million Br, respectively. Walga Agro-Industry Plc, which is located in Majang Zone and has 1,381ha of land, is expected to be sold at a floor price of 10.8 million Birr.


ZamZam Bank Joins Commodity Exchange Payment System

The pioneering full-fledged interest-free commercial bank, ZamZam Bank, has become the 24th financial institution to join the Ethiopian Commodity Exchange's (ECX) payment system. CEO of the Exchange Wendemagegnehu Negera signed the deal with the President of the Bank Melika Bedri last week. According to the CEO, joining the platform which has around 11,000 accounts registered and has transacted over 386 billion Br so far, will allow a reliable mechanism whereby traders can be certain that pay...


AfDB, ADF to Chart Transformation Path at Diamond Jubilee

The African Development Bank (AfDB) and the African Development Fund (ADF) are gearing up for a major joint meeting in Nairobi, Kenya, expected to draw around 4,000 participants. The event, taking place at the Kenyatta International Conference Centre in late May, will focus on "Africa's Transformation," a theme reflecting the continent's ongoing pursuit of economic and social development. "Despite progress over the years, Africa's transformation remains incomplete," said Vincent O. Nmehielle...


Big Art Sale Returns to Addis

The annual Big Art Sale returns to Addis Abeba this weekend. Over 100 artists are expected to showcase their original works and prints at the Hilton Addis. What's Out Addis in partnership with the Hilton Hotel is behind the event that showcases the works of over 100 artists. Big Art Sale has been around for the past 18 years showcasing paints and prints. According to organisers, it offers a chance to meet the artists and enjoy a variety of art forms with a dedicated Kids' Corner and food and...