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Tanarmu Chemical Acquires Bromine Mining License

Jul 11 , 2021

Tanarmu Chemical Industrial Plc, a Chinese-owned company, has acquired a license to mine for bromine in Afdera, Afar Regional State. Previous surface and subsurface exploration discovered significant bromine deposits in the area. The company is gearing up to extract bromine, a component of fertilisers, pesticides and phramaceutical products, in the form of hydrobromic acid. It plans to export the bromine to China. The Ministry of Mines & Petroleum expects to earn an income of 45 million dollars annually, based on Tanarmu's feasibility study. The Ministry has permitted tax-free privileges for the company's import of machinery and chemicals until the start of production.

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 VAT a...

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Radar

World Bank Greases Financial Overhaul

The World Bank approved 700 million dollars in credit from the International Development Association (IDA) to scale up support for the financial sector. The funds are targeted at modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), supporting governance reforms, balance sheet restructuring, and recapitalization of the Commercial Bank of Ethiopia (CBE), and transforming the Development Bank of Ethiopia (DBE) into a sustainable development finance institutio...

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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 Bulto,...

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