Three Banks Donate 40m Br to Tourism Fundraiser

Oct 11 , 2020

Oromia, Wegagen and Berhan banks have joined the bandwagon in buying 40 million Br worth of tickets to attend Dine for the Nation, a gala dinner hosted by Prime Minister Abiy Ahmed (PhD) to raise funds for the development of tourist destinations sites in three regional states. Berhan Bank bought two tickets worth 20 million Br to attend the gala dinner, which is expected to take place in mid-October. Following the recent currency changeover, the Bank announced that 586 million Br was accrued and that 22,781 new accounts have been opened. Oromia International, which has gained 45,000 new accounts and 570 million Br worth of deposits since the currency changeover, bought one ticket for 10 million Br.  Wegagen Bank, which finalised the distribution of the new notes at its 391 branches and raised 908 million Br of deposits from 30,000 new accounts, has bought a ticket as well. The proceeds will go toward rehabilitating tourist sites located at Gorogora in Amhara; Wonchi in Oromia; and Koisha in Southern Nations, Nationalities & People's Regional State. A total of six billion Birr is required for the projects with half of the value to be raised from the fundraising dinner. Tickets for Dine for the Nation cost 10 million Br and five million Birr for VVIP and VIP, respectively. So far, Abay, Awash and Dashen banks have committed a total of 70 million Br for the projects.



Street vendors around the Shola area take a rest in the shades of the capital's newly planted trees. Upon reporting on its 10-month performance before Parliament, the Agriculture Minister, Girma Amentie indicated that up to 43pc of the arable land in the country has been rendered acidic. This requires large amounts of limestone to be imported from abroad; the tight forex crunch has not allowed the Ministry of Finance to fund the endeavour easily. Following the rallying call of the Prime Minister...



Residents of communal houses around the Weji area hang their clothes on the fences outside. Textile manufacturing accounts for 87pc of Ethiopia's products from industrial parks. Expulsion from the African Growth & Opportunity Act (AGOA) due to the war in the North resulted in Ethiopia being expelled from the preferential trade act. Most companies choosing to rent sheds within the industrial parks do so out of a desire to access the duty-free privileges provided for African countries. Ethiopi...



Vendors put traditional beauty products from the Somali Regional State for sale around Mexico area. In November of last year, the Ministry of Finance banned imported goods under 38 categories, including cosmetics, packed foods, and furniture, from accessing letters of credit. The move resulted in the tripling of costs for cosmetic items like lipstick and nail polish. As Ethiopia ran a 14 billion dollar merchandise trade deficit last year due to import bills hiking by 26pc , a tight clampdown on...