Nation Completes Megech Seraba Irrigation Project

Oct 26 , 2019


[ssba-buttons]

Megech Seraba Irrigation Project, which was built for 1.3 billion Br, was inaugurated last week in Gonder, Amhara Regional State. Sileshi Bekele (PhD), minister of Water, Irrigation & Energy, and Temesgen Tirunh, head of the Amhara Regional State, attended the inauguration ceremony. Expected to benefit 30,000 household farmers, the irrigation dam has a capacity of developing 4,000ha of land. The 1.8-billion-cubic-metre irrigation dam took seven years to complete. The government, which has endeavored to reduce the cost of mega-projects for the past two years, has allocated close to 15 billion Br this fiscal year for the construction of irrigation dams with the main target of increasing agricultural productivity at a national level. Most of the irrigation dams in the country are known for delays and cost overruns. Beginning this year, the Office of the Auditor-General confronted the Ministry over the inflated costs of the Zarema Mayday and Megech irrigation dams, which have reached a combined total of 13.6 billion Br from the initial estimation of 6.7 billion Br.


Radar

EthSwitch Sees Record Profit, Expands Digital Payment Reach

EthSwitch, the national switch operator, reported a record 1.4 billion Br gross profit for the fiscal year ending June 2025, a 34pc increase from last year's 1.06 billion Br. The performance was driven by a sharp rise in interoperable transactions, reflecting the country's growing embrace of digital payments. Person-to-person (P2P) transfers led revenue generation with 902.6 million Br, nearly half of total income, followed by ATM transactions contributing 825.1 million Br. Overall revenue cl...


Radar

Lion Bank Delivers Robust Results, Rewarding Shareholders

Lion International Bank S.C. posted a profit before tax of 1.8 billion Br for the last fiscal year, marking a 94pc surge from the previous year. The announcement was made during the bank's General Assembly held last week at the Sheraton Addis Hotel. After provisions and taxes, the bank registered a net profit exceeding 900 million Br, with shareholders earning 27pc per share. Deposits climbed by 23pc to 44 billion Br, up from 35.6 billion Br, while total loans and advances reached 36.2 billio...


Radar

Berhan Bank Lifts Earnings as Reforms Ease Forex Strain

Berhan Bank reported a 28.1pc growth in its latest fiscal year, buoyed by economic reforms and relaxed forex directives. The Bank's total deposits climbed to 44.5 billion Br by June 30, 2025, up 7.6 billion Br from the previous year. Net profit distributed to shareholders rose by 36pc, while total income reached 10.3 billion Br, marking a 61.4pc increase. Interest income accounted for nearly 59pc of total earnings, driven largely by the repeal of the National Bank's 70pc forex surrender rule...