Private Company to Lease Hawassa Park

Sep 11 , 2020

Hawassa Textile Factory S.C., to be renovated into a textile and industrial zone, is expected to be leased to a single company upon completion. The factory, which was secured by local investors for half a billion Birr, will be revamped into an industrial zone by Sinoma International Engineering, a Chinese construction company, which also built Dangote Cement Plc and Derba Midroc Cement Plant. The industrial park will have a total of 14 sheds resting on 11,000Sqm. Each square metre will have a lease cost of four dollars for the first year and is expected to increase by a dollar annually. The lease contract will be for a total of 22 years. The textile plant, expected to be completed in 18 months, was first established in 1989 and transferred to Dukem Textile S.C., 60pc of which is owned by foreigners and 40pc by local investors.


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...