Regional Town Gets Solar Farm

Sep 28 , 2019


Qoftu town in Oromia Regional State has been chosen as the site for a solar energy project that has a capacity of generating 250kW of energy. The project that is worth four million dollars was inaugurated on September 20, 2019. Launched last year with South Korean fund, the project will benefit about 800 people or 60 households. The project enables residents of the area to use power for chicken incubators and powers other public services like health centres and schools, according to Frehiwot Woldehanna, state minister of Water & Electricity. The Ethiopian Electricity Utility is working on expanding the project to other sites in the country to address 12 rural kebeles, according to Shiferaw Telila, CEO of Ethiopian Electricity Utility. The government recently launched a national electrification plan to achieve 100pc electricity coverage in the country by 2025 at a total cost of 4.5 billion dollars.  


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...