Ethiopia needs three years to finalize the construction of its giant dam on Nile, officials said. The Grand Ethiopian Renaissance Dam, which just started generating power last week, has been under construction for over a decade. Costing the government over 163 billion Br so far, the dam has 13 turbines, one of which with a […]
Ethiopia Plans to Finalize Const’n of GERD in 2025 Read More »
The tourism sector received some welcome news lately after government’s homecoming campaign for the diaspora community bear some fruit and the UK removed Ethiopia from its travel red list. Though it remains to be seen whether the latter will prompt many disappointed international travellers to renew their bookings, many diasporas are making a comeback to
Ethiopia’s Hospitality Industry Sees Ray of Hope Read More »
Ethiopia wheat production for marketing year 2021/22 is estimated at 4.8 million metric tons, down 300,000 tons (six percent) from last year, according to the forecast of United State Department for Agriculture. Yield is estimated at 2.74 metric tons per hectare, down 1 percent from last year and down 1 percent from the 5-year average,
Conflict Reduces Ethiopia’s Wheat Harvest Prospects Read More »
Ethiopian Re, the first local private reinsurer, announced it has managed to underwrite nearly 20 million foreign business in the last financial year. It is the first time when the local reinsurer secured a business from foreign sources. During the first and second years of operation, the company was able to receive more than 80
Ethiopian Reinsurance Underwrite its First Foreign Business Read More »
Nyala Insurance nets 172 million Br profit during the last fiscal year, the two-decades old firm announced. This is 23 percent higher than what the firm registered during 2019/20 financial year. Nyala is among few financial institutions established in the aftermath of the introduction of mixed economy during early 1990s. Three years ago, it was
Nyala Nets 172 m Br in Profit, Shareholders’ Return 3% Up Read More »
A three-wheel electric vehicles assembled by Alternet Systems (ALYI) hit the road in Ethiopia. The company said the vehicles are now in service as taxis and delivery vehicles in Ethiopia. ALYI does not directly involve in production but the assembly has been done in collaboration with a manufacturer based on its Electric Vehicle (EV) Ecosystem
Three Wheel Electric Vehicles Hit the Road in Ethiopia Read More »
Abay Bank grossed 1.1 billion Br profit during the last fiscal year, portraying 80 percent annual increase from the preceding reporting period. The Bank managed to register a remarkable financial performance despite several challenges, including political instability and war, that wreaked havoc on the financial sector. During the last fiscal year, Abay Bank managed to
Abay Bank Sees Drastic Profit Upsurge Read More »
Awash Bank becomes the first private financial institution to register a gross profit (before provision) higher than five billion Br. Established almost two and half decades ago, the Bank saw a 1.2 billion Br increase in its gross profit, reaching 5.6 billion Br during the last fiscal year. Its latest performance enabled the financial institution
Awash’s Gross Profit Surpasses Five Billion Br Read More »
The board of African Development Bank Group (AfDB) approves 217 million dollars loan to finance a road project connecting Horn of African countries. It is a milestone project that will contribute a lot in connecting Kenya, Ethiopia, Somalia, Sudan, Eritrea and Djibouti. The 223.3 million dollar project, of which six million dollars is covered by
AfDB Approves 213 million Dollars to Finance Horn of Africa Road Project Read More »
Zemen Bank earns 1.2 billion Br gross profit during the last fiscal year, a record-high performance since its establishment almost 11 years ago. While its profit exhibited 30 percent growth compared to last year, it is 16.2 percent higher than its target for the reporting period. The Bank disbursed a loan of 4.3 billion Br
Zemen Registers Historic-High Profit, Despite Growing Doubtful Loan Read More »
