Sheger Bread Resumes Operation, Prices Jump

Mar 12 , 2022


Following more than two months of dormancy, the Sheger Bread & Flour Factory has resumed production at its plant in the Akaki-Qality District. However, prices for its subsidised product have jumped by more than 70pc compared to earlier this year. A loaf of bread now goes for 2.10 Br after the Addis Abeba City Administration subsidises 1.14 Br. The administration was forced to avail 812 million Br for the procurement of inputs and maintenance works to restart production at the factory. It had stopped operation two months ago due to a major shortage of its major input, wheat. A joint undertaking between the administration and MIDROC Investment Group, the factory was hailed for its planned production of two million loaves a day when it was inaugurated nearly two years ago. MIDROC reported losses of 140 million Br last year from factory operations.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email