Category Archives: Business

WB approves record-high funding to Ethiopia

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The Washington-based World Bank Group this fiscal year has approved and disbursed a historic record high funding to Ethiopia, The Reporter has learnt.

According to the information obtained, this fiscal year alone the WB has approved USD 1.6 billion and disbursed some 1.3 billion for eight projects in the country.

The World Bank published statements on its website saying it had extended loans to more than 150 projects in Ethiopia centered on infrastructure, protection of basic services, food security and education. As of January 2014, the portfolio has 25 active projects with a net commitment value of more than USD 6 billion.

According to the bank’s recent history, it was during the 2008 financial crisis that USD 900 million was committed to Ethiopia. The size of the commitment grew steady except in 2011 when the bank limited the amount to USD 640 million. But one reason for the diminishing size of the commitment was that 2011 was the high time when the Ethiopian government made itself busy in preparing the ambitious five-year term Growth and Transformation Plan (GTP).

Since then the bank has extended sizable loans and grants to the country. This year witnessed many document signings of the commitments and disbursements. Guang Z. Chen, country director of the bank for Ethiopia, frequented the offices of Sufian Ahmed, minister of the Finance and Economic Development, located off King George VI Street, to ink agreements.

M-Birr: Ethiopia’s first mobile money transfer system

M-Birr

Ethiopia lags far behind its East African neighbours in the development of its telecommunications sector and the services, such as mobile money banking, that the system now routinely provides elsewhere. This is about to change with the rollout of the country’s first mobile money transfer system this January. Report byDominque Magada.

Ethiopia’s new money transfer system, M-Birr, named after its currency the birr, is based on the highly successful model pioneered by Kenya, Safaricom’s M-Pesa.

The service will provide domestic money transfers, withdrawals and savings, account balances, airtime top up, salary payment, loan repayments and, at a later stage, international remittances. “The system is ready, the team is in place, the first pilot testing will start in January,” said Thierry Artaud, General Manager of of M-Birr ICT Services PLC.

The Addis Ababa-based M-Birr ICT, which provides the integrated IT system and solutions, is the Ethiopian subsidiary of M-Birr Limited, an Irish company which gave birth to the project in 2009. The services will be accessible through the five main micro-finance institutions in Ethiopia, These are debit, credit and saving institutions in Tigray, Amhara, Oromia, Addis and the Omo microfinance institution in the Southern Nations, Nationalities and People’s Region.

ኤል ጂ ኤሌክትሮኒክስ በአይነቱ የመጀመርያ የሆነ ማቀዝቀዣ ወደ ኢትዮጵያ ሊያስገባ ነው

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ኤል ጂ ኤሌክትሮኒክስ በአይነቱ የመጀመርያ የሆነና የፈጠራ ባለመብትነቱ የራሱ የሆነውን EverCool ማቀዝቀዣ በቅርብ ግዜ ወደ ኢትዮጵያ ሊያስገባ ነው፡፡ ይህ EverCool ማቀዝቀዣ በውስጡ በያዘው የመጨረሻ ቴክኖሎጂ የኃይል መቆራረጥ በሚያጋጥምበት ግዜ በውስጡ የያዛቸውን የምግብ ዐይነቶች ሳይበላሹ ለ6 ሰአታት ያህል ማቆየት የሚችል ሲሆን በሀገራችን ያለውን የሀይል መቆራረጥና ከየሀይል መቆራረጥ ጋር ጠያይዘው ሊመጡ የሚችሉ ችግሮችን መቋቋም ይችላል ተብሏል፡፡

በተያያዘ ዜና ኤል ጂ ኤሌክትሮኒክስ  በበጉጉት ሲጠበቅ የነበረውንና ባለ5.5 ኢንች ስክሪን ስፋት ያለውን LG G pro Lite የተሰኘውን ስልክ ለገበያ አቅርቧል፡፡ ስልኩ ከያዘው ሰፊ ስክሪን በተጨማሪ ከፍተኛ የባትሪ ኃይል፤ መጻፍያ ብዕር ( Stylus Pen) እንዲሁም ባለሁለት ሲም ካርድ መቀበል
የሚያስችለውን ቴክኖሎጂ አክትቶ ይዟል፡፡ ይህ ስልክ በተጨማሪ ከያዘው መጻፍያ ብዕር (Stylus Pen) አማካይነት አጫጭር ማስታወሻዎችን በስልኩ ላይ መጻፍ ከማስቻሉም በላይ በስልኩ ካሜራ የተነሱ ምስሎች ላይ ያሉ ቃላቶችን ወይም አረፍተ ነገሮችን በፍጥነት በመተርጎም ለተጠቃሚው ማቅረብ የሚያስችለውን ቴክኖሎጂ ይዟል፡፡

Getu Gelete owner of the Getu Commercial Centre Charged in Absentia የጌቱ ኮሜርሻል ባለቤት አቶ ጌቱ ጌለታ ባሌሉበት በሙስና ወንጀል ተከሰሱ

Getu_Gelete_major-shareholder-of_Get-As_International_Plc1.

Getu Gelete, major shareholder of Get-As International Plc – a durable goods importing conglomerate – became an additional entrant to a group of big-name businessmen that the government has charged with high-level corruption.

The businessman was one of the 31 defendants named today in an indictment file that the Fe
deral Ethics & Anti Corruption Commission (FEACC) submitted to the 15th criminal bench at the Federal High Court, on Chad Street, in Lideta area. The charges, however, were read in court in the absence of Getu who has not yet been placed under arrest. After establishing his absence, the Commission asked judges to pass an order to the police to take Getu under custody. Getu, however, travelled abroad over a month ago, Fortune learnt from sources. Family members and colleagues could not be reached to disclose his specific whereabouts, although people close to his family claim he is in the United States.

Haile Gebreselassie to enter the business of gold mining

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Dawit Taye, Ethiopian Reporter

The world-renowned athlete, Haile Gebreselassie, has once again stretched his legs and is set to enter the business of gold mining.

Haile has finalized the first feasibility study to prospect for gold in the Southern Nations, Nationalities and Peoples’ Regional (SNNPR) State.

A joint venture company, which has been established to engage in gold mining is named Legalula, the moniker for the locality where the company is expected to commence operations. “We have acquired 29,000 square meter plot for preliminary operations and plan to acquire an an additional location, Haile told The Reporter.

As it is capital intensive and requires extensive experience to operate at full capacity, the company is seeking a partnership with a South African gold mining company, Haile added.

According to Haile, having finalized the first phase of the feasibility study, the company will start exploration work, in spite of all the difficulties the company may face. “I should contribute to the export sector of the country,” he said.

CBE approves 1.5 billion Birr loan to Breweries

CBE

Heineken amasses over half billion birr, awaits three billion.

It was just few weeks ago that Raya and Habesha, two new and upcoming breweries, secured loans of more than a billion birr from the Commercial Bank of Ethiopia (CBE) for the construction of new factories.

Then on Thursday (22), the CBE approved a loan to Heineken that amounts to some 850 million birr. The Dutch brewer owns both the Bedele and Harar brands, earning USD 163 million last year. The total loan approved to the four breweries totaled 1.5 billion birr. Meta Abo Brewery, owned by the London-based Diageo, has also secured a loan from the state-owned commercial bank.

Sources from the CBE confirmed that it has agreed to disburse 304 million birr for Bedele and 281 million birr for the Harar breweries, revealing that Heineken will increase the current production from 300 thousand hectoliters to 450 thousand hectoliters. However, it is to be recalled that Heineken applied for 403 million birr for Harar and 331 million birr for

Meta Brewery Introduces Malt Guinness to Ethiopian Market

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Addis Ababa, Ethiopia – Meta Abo Brewery Share Company introduced a 330 milliliters non-alcoholic malt in Ethiopia drink to boost its share in the growing non-alcoholic market.

A particular segment of the society the company identified as being a potential customer base is the Muslim population of Ethiopia, which because of its religious drink is prohibited from drinking alcoholic drinks.

Francis Agbonlahor , Managing Director of Meta Abo Beer said the new drink has been well and truly tested and found satisfactory in many African countries, and Ethiopia is the 50th country, where they launched this drink.

“This drink is meant for every occasion, and is there to meet the changing needs of Ethiopians who want to have a refreshing drink” said Francis adding that the company has done robust planning before the launch with the first market being residents of Addis Ababa before being rolled out to the regions.

50 Turkish textile companies to relocate to Ethiopia

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By Eskedar Kifle,
50 Turkish textile and garment companies are hoping to relocate factories to Ethiopia, with the support of Ayka Addis Textile and Investment Group, a Turkish company that made the same move three years ago.
Ayka submitted a proposal to the Ministry of Industry which has been already accepted.
Ayka Addis’ General Manager Ercan Turkoglu told Capital in an email response that an industrial zone will be built by Ayka Addis. “Two weeks ago Prime Minister Hailemariam Desalegn and other officials visited Ayka Addis and urged us to speed up the project’s preparation and feasibility study,” he said.