US Donates $17.8m worth of wheat

Aug 31 , 2019


The United States Department of Agriculture announced that it is donating 17.8 million dollars worth of wheat to Techno Serve Ethiopia, a non profit organisation, on August 29, 2019. Technoserve will use funds generated from the sale of this wheat to support Ethiopia’s coffee sector by increasing productivity and expanding the coffee trade. TechnoServe is an international non-profit based in Washington, DC that promotes business solutions to poverty in the developing world by linking people to information, capital and markets. Since 2009, TechnoServe has been working to address lack of coordination, information and access to markets, with a focus on supporting smallholder coffee farmers. Coffee is the most important foreign currency earner for Ethiopia. The United States was the fourth-largest buyer of Ethiopian coffee, accounting for nearly 11pc of total Ethiopian coffee exports by volume valued at 142.1 million dollars in 2017/18. Ethiopia has more than 400 coffee exporters, 395 coffee farmers who directly export coffee and over 30 import-export companies who export coffee and use the foreign currency to import other materials like vehicles and construction inputs.


Radar

Customs Commission Sets Another Franco Valuta Deadline

The Ethiopian Customs Commission has given importers who used the franco valuta system up to December 26 to finalize the import of their goods. This pertains only to importers who purchased the merchandise and registered their import documents to the Commission before November 7. The Ministry of Finance had previously offered a two-week window for merchandise imports made through the scheme to finalise customs procedures. It is to be recalled that the government banned merchandise imports under...


Radar

National ID Strides Further to Mandatory Field

The National Bank of Ethiopia issued a notice to all banks mandating the use of the National ID for new bank account openings starting January 1, 2025, for branches in Addis Abeba while the same will apply for branches in major cities on July 1, 2025. All branches nationwide must comply starting January 1, 2026, while existing account holders are required to present their National ID by December 2026. The Central Bank stated its objectives for the move are to enhance the security of the financi...


Radar

Hibret Climbs Further Profit Heights

Hibret Bank posted a surge in net profits to reach 2.3 billion Br, traversing economic adversities. The Bank grew its revenues to 13.23 billion Br—an increase of 28.1pc from the previous year. Total assets were registered at 96.58 billion Br, exhibiting a 16pc increase, while total deposits rose by 15.6pc to reach 74.65 billion Br. With loans and advances sitting at 68.89 billion Br, Earnings Per Share (EPS) stood at 383 Br. The Bank opened 26 new branches during the year to reach a total o...


Back
WhatsApp
Telegram
Email