Railway Corporation Gets New CEO


Sintayehu Woldemichael (PhD), former Minister of Education, became the new CEO of the Ethiopian Railway Corporation on November 5, 2018. The Corporation has been led by acting CEO Yehuwalashet Jemere since the resignation of the former CEO Berhanu Beshah (PhD). Sileshi Bekele (PhD), Minister for Water, Irrigation & Energy and chairperson of the board of directors of the Corporation, approved the resignation of Berhanu Beshah (PhD) on October 1, 2018. The new CEO served as the director general of the Public Financial Institutions Supervision Agency before coming to the Ministry of Education. Ethiopian Railway Corporation was established on November 2007 by the Council of Ministers. The Corporation has overseen multi-billion dollar projects of railway routes in eight corridors including the Addis Abeba-Modjo-Awash-Dire Dawa-Dewaele; Modjo-Shashemne-Arbaminch-Konso-Moyale; Addis Abeba-Ljaji–Jimma–Gudaferda Dima, with an extension to South Sudan; and the Awash-Kombolcha-Meqelle–Shire routes.


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Standing Committee First Visit to Private Foreign Firm Garners New Era

Safaricom Ethiopia stated that it has become the first private foreign company to host a visit by a standing committee from the House of People's Representatives, with the Democracy Affairs Standing Committee touring the company's operations last week. Wim Vanhelleputte, CEO, presented the company's half-year results, showcasing growth in mobile and M-PESA services. Notable achievements include expanding 4G coverage to 46pc of the population, acquiring over 6.1 million active subscribers, and se...


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Goh Mortgage Bank Registers 12-fold Gross Profit Increase

Goh Mortgage Bank reported gross profits of 83.4 million Br, a twelve-fold increase from last year's 6.4 million Br. At its general assembly last week, the bank announced total deposits of 1.02 billion birr, a 12pc increase from 30,530 deposit accounts, which grew by almost 40pc. Outstanding loans reached 1.55 billion Br, with 60pc directed to the construction sector and 19pc towards export-import activities. The bank mobilized 2.3 million dollars in foreign exchange during the year. Girum Ts...


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Garment Maker Invests 200 million Br in Worker Welfare

Shints ETP Garment PLC, a South Korean enterprise operating inside Bole Lemi Industrial Park, inaugurated a 200 million Br recreational facility and daycare center. This state-of-the-art facility includes a tennis court, basketball court, soccer field, gym, and daycare center, with hopes of enhancing employee satisfaction and productivity. The company currently provides dormitory services for 5,500 workers and primary education for their families and plans to expand its dormitory capacity to 11...


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