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May 14 , 2022

Abyssinia Bank Awards 60-Storey Construction Project to Chinese Firm radar

The Bank of Abyssinia has awarded the contract for the construction of a 60-storey building in Addis Abeba's financial district to China State Construction Engineering Corporation Ltd. The Bank's executives estimate the project will cost over three billion Birr. The Chinese contractor was the fir...

May 14 , 2022

Zemen Bank Rolls Out Cash Deposit ATMs

Zemen Bank has deployed automated teller machines (ATM) that enable clients to deposit cash. The two machines are installed at the Bank's main branch on Tito Street in the Casanchis and its banking centre on Africa Avenue (Bole Road). The state-owned Commercial Bank of Ethiopia was the first to deploy the technology in late 2019. Zemen netted 953 million Br in profits last year, a 28pc increase from its previous performance. The Bank saw its assets climb 36pc to 25.1 billion Br over the same period. Its paid-up capital stood at 2.75 billion Br at the end of the last financial year, a lit...

May 14 , 2022

Artisinal Miners in Gambella Extract Gold Worth $59m

Artisanal miners from the Gambella Regional State have sold over a tonne of gold to the central bank over the first 10 months of the financial year. Regulators estimate the gold can generate 59.4 million dollars in export revenues. It was sourced from the Dima, Abebo, and Gambella weredas of the western region. Artisanal miners in the area have extracted over 200Kg more than what they managed last year. Close to 4,500tn of gold was exported over the first half of the fiscal year, generating 272 million dollars. The figure is slightly less than gold export revenues from the same period la...


May 14 , 2022

DBE Moves on Latest Round of Lease Financing

The Development Bank of Ethiopia (DBE) has approved 14 billion Br in lease-financing for 1,200 small and medium enterprises. The state-owned Bank conducted a large-scale training programme on agricultural mechanisation, construction, agro-processing, manufacturing, and tourism in 20 towns (including Addis Abeba) last week. Last year, the DBE moved to amend its lease-financing policy in the areas of the time of commencement of interest, time of relief, and working capital. The Bank provides lease-financing services to qualified enterprises in the agriculture, agro-processing, manufactu...

May 14 , 2022

Coffee Exports Hit Record $1b Mark

Coffee export revenues have topped one billion dollars for the first time. Over 300,000tn of the cash crop has been shipped abroad over the first 10 months of the financial year. Officials say China has grown to become the leading export destination for Ethiopian coffee, while Germany, the US, and Saudi Arabia remain large buyers. Coffee remains the country's most valuable export commodity, regularly bringing in double the revenue generated by the export of other agricultural products such as cut flowers and khat. Nearly 250,000tn of coffee was shipped abroad last year, generating a l...


Radar

May 14 , 2022

Beverage, Food Exports Generate $83m

The export of food and beverage items brought in 83 million dollars over the first three quarters of the financial year, according to the Ministry of Industry. The figure is four million dollars lo...

May 14 , 2022

Dashen Brewery Inaugurates 1.7b Br Expansion Projects

Dashen Brewery S.C. has inaugurated a 1.7 billion Br project to expand its plants in Gonder and Debre Birhan in the Amhara Regional State. The brewer began operations at its plant in Gonder, 750Km...

May 7 , 2022

Eka General Hospital Sees Off Sole COVID-19 Patient

For the first time since the early days of the pandemic in 2020, the wards of Eka Kotebe General Hospital have no patients admitted for COVID-19 treatment. The final patient left the Hospital on Ma...

May 7 , 2022

Amhara Bank Opens Maiden Branch, Awaits Operational License

Amhara Bank has opened its first branch in the Arat Kilo area of Addis Abeba while its promoters await an operational license from regulators at the central bank. The Bank is looking to join the in...

May 7 , 2022

Retail Prices at Pumping Stations Surge

Prices for benzene and diesel will go up beginning May 8, 2022. Officials at the Ministry of Trade & Regional Integration have set the price for a litre of benzene at 36.87 Br, a 16pc jump. It...

May 7 , 2022

State Telco Ready to Launch 5G

The state-owned Ethio telecom is to launch a 5G network on May 9, 2022. Executives says they have completed all necessary preparations for the launch, which has been in the making for over a year i...

May 7 , 2022

Fed Eyes 7.2m Housing Units Erected in Decade

Federal officials say they want to see up to 7.2 million housing units erected over the coming decade. Officials at the Ministry of Urban Development & Infrastructure have announced plans to ha...

May 7 , 2022

T-bill Auction Sees 15.7b Br Bids

The central bank's latest auction of treasury bills (T-bills) saw a total of 15.7 billion Br worth of bids. The government-guaranteed bonds are auctioned off bi-monthly to financial institutions, pens...

May 7 , 2022

Afar Revenues Authorities Report 1.5b Br Collected

Tax officials in the Afar Regional State say they have collected 1.5 billion Br in revenues over the past nine months. It represents a growth of over 300 million Br compared to the same period last...

April 30 , 2022

Donors Pledge $1.4b for Drought Response

Donors have pledged 1.39 billion dollars for humanitarian and development response to the drought in the Horn of Africa that has left more than 15 million people severely food insecure across Ethiopia...

April 30 , 2022

Export Revenues Edge Closer to $3b

Over 2.95 billion dollars' worth of goods and services were shipped abroad over the first nine months of the financial year, according to the Ministry of Trade & Regional Integration. Agricultu...

April 30 , 2022

Ethio telecom Introduces Loyalty Scheme, Online Retail Platform

The state-owned Ethio telecom has launched a customer loyalty programme and an online retail platform ahead of impending competition from Safaricom Ethiopia Plc. The 'Ashamtele' customer loyalty pr...

April 30 , 2022

New Gold Mining Ventures Set Foot in Konso

Two gold mining sites spread across eight hectares of land in the Konso Zone of the Southern Regional State have commenced work. Two cooperative unions comprising around 100 unemployed youth have b...

April 30 , 2022

Dashen Bank, EagleLion to Roll Out Credit Platform

Dashen Bank has inked a deal with fintech firm EagleLion System Technology to introduce a credit-based application. Dubbed “DubePay”, the app will allow businesses to sell goods and services to...

April 30 , 2022

Economic Association Proposes Market Stabilisation Board

The Ethiopian Economic Association (EEA) has proposed the formation of a 'supply and price stabilisation board' to rein in galloping inflation. A study it conducted reveals that supply shortages, u...

April 22 , 2022

EEP Signs $16.4 Equipment Deal with Chinese Firm

Ethiopian Electric Power (EEP) has inked a 16.4 million dollar deal for the supply of electrical equipment from TBEA Co Ltd, a Chinese firm. The deal is for the supply of gas-insulated switchgears...


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From the Pressure of Tragedy, Coal Can become Diamond

Agenda | May 14,2022

Dismal Prospects, Rising Insecurity Make for a Sombre Homecoming

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Macroeconomic Council's Glaring Omissions


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Macroeconomic Council's Glaring Omissions

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Editorial | May 14 , 2022

Growing Speciality Coffee Market Promises Sweet Prospects

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Featured | April 22 , 2022 . By TSION HAILEMICHAEL

Dismal Prospects, Rising Insecurity Make for a Sombre Homecoming

Hawi Teferi, 29, first left Ethiopia 10 years ago. The life-changing decision to set ou...

Agenda | May 14 , 2022 . By RUTH TAYE

Prodigious Budget Appetite Confronts Thrifty Finance Ministers

The mismatch is apparent. Federal budget planners want to slash expenditures for the next...

Fortune News | May 14 , 2022 . By BERSABEH GEBRE