Latest Ethiopian News - Ethiopian Economy Business

METEC Accused of Embezzling Billions from GERD Project

By Staff Reporter  

metec-GERD-ChargesSeptember 6, 2018 - Over eight billion birr has been embezzled from the Grand Ethiopian Renaissance Dam (GERD) project by Ethiopian Metals and Engineering Corporation (METEC), a senior Ethiopian official has confirmed.

Speaking to the Media, CEO of the Ethiopian Electric Power (EEP) Dr. Abrham Belay said METEC has received over 16 billion birr payment, as opposed to eight billion birr it was supposed to have received for less than 30 percent job it has done on the GERD project.

Since the launch of the project in 2011, METEC has been undertaking the electro-mechanical work of the GERD, including manufacture an

Construction Workers Call Off Strike at Ethiopian Grand Dam Project

Ethiopia-GERD-strikeSeptember 4, 2018 - Construction workers at the Grand Ethiopian Renaissance Dam (GERD) project returned to work after days of strike, according to FBC report.

The workers went on strike for days demanding better pays and work benefits. They reportedly started work yesterday following an agreement reached with the contractor of the project, external relations director of the Ethiopian Electric Power (EEP), Misker Negash, told FBC today.

The contractor was hired by Italy’s Salini, the main contractor for the GERD.

Dr. Engineer Abrham Belay, CEO of EEP, successfully mediated between the workers and the contractor. The work

Ethiopia Appoints News Manager for Grand Dam Project

By Staff Reporter

GERD-New-ManagerAugust 14, 2018 - The Ethiopian Electric Power (EEP) has appointed Ephrem Woldekidan as Acting Project Manager of the Grand Ethiopian Renaissance Dam (GERD), assuming the post of Engineer Simegnew Bekele who was found dead in his car at Mesqel Square last month.

CEO of EEP Azeb Asnake in a briefing on Monday said Ephrem’s appointment aims at sustaining the construction of the dam without interruption.

Engineer Simegnew Bekele had been serving as a project Manager of the Grand Ethiopian Renaissance Dam (GERD) since the start of the construction of Africa’s biggest dam in Guba district, Benishangul Gumuz r

Ethiopian Security Forces Seize $10M Smuggled Currency

By Staff Reporter

smuggled-currency-seizedJuly 22, 2018 - Ethiopian security forces have seized nearly $10 million in currency that was being smuggled out of the country, a senior police officer disclosed on Saturday.

Zeyinu Jemal, Commissioner General of the Federal Police Commission, said the money was apprehended in the capital Addis Ababa and other parts of the country in a joint operation conducted by the Federal Police, Addis Ababa police, National Intelligence and Security Services, and Oromia police.

The commissioner said the alleged smugglers are under police investigation but did not mention how many they are.

The operation

Ethiopia Approves $12.6b Annual Budget

By Staff Reporter

Ethiopian-Budget-2011July 5, 2018 - The Ethiopian Parliament on Friday approved a $12.6 billion budget for the country’s coming fiscal year which will begin on July 8, 2018.

The budget has seen 3.6 percent increase compared to the budget allotted for the just ending fiscal year.

Responding to questions of MPs before the approval of the budget, Prime Minister Abiy Ahmed said significant portion of the budget will be set aside for poverty reduction tailored to financing water, agriculture, and education as well as road and manufacturing sectors.

Of the total budget, more than $3.3 billion was allotted for re

Ethiopia Begins Extracting Crude Oil for First Time

By Staff Reporter

Ethiopia-Oil-OgadenJune 29, 2018 - Ethiopia has officially begun extracting crude oil for the first time  in Ogaden region, Somali regional state, Prime Minister Dr Abiy Ahmed has announced

He made the announcement on Wednesday during his meeting with the representatives of Poly-GCL Petroleum Investment Limited which is in charge of mining the resource.

“The company will start test extraction of 450 barrels of crude oil per day as of June 28, 2018,” the Prime Minister said.

Ethiopia and Poly-GCL Petroleum Investment Limited signed agreements in 2013 to explore natural gas in the Ogaden basin.

National Bank of Ethiopia Gets New Governor

Yinager-Dessie-NBE-GovernorJune 19, 2018 - As part of the financial reform of Ethiopia, Prime Minister Abiy Ahmed has appointed Dr Yinager Dessie as governor of the National Bank of Ethiopia (NBE), replacing Teklewold Atnafu.

Prior to his current appointment, Dr Yinager served as Commissioner of the National Planning Commission of Ethiopia.

Ethiopia is currently going through liquidity crisis. The government is believed to have depleted the countries currency reserves, forcing it to plan to partially sell national assets such Ethiopian Airlines and Ethio Telecom.

Ethiopia Facing Liquidity Crisis

Abraham-Tekeste-Ethiopia-FinanceJune 10, 2018 - Ethiopia is said to be facing liquidity crisis due to decline of export earnings and weak tax revenue collection and foreign borrowing coming to a halt due to the country's external debt stress, the Ministry of Finance and Economic Cooperation (MoFEC) indicate according to the Reporter. The Minster of Finance, Dr. Abraham Tekeste, disclosed this to the House of Peoples’ Representatives (HPR) on Thursday.

According to the report, the country's trade balance continues to exhibit a large gap. Last fiscal year, the trade balance showed a USD 13 billion deficit. The c

Ethiopian Airlines Takes Delivery of 100th Aircraft

Ethiopian-airlines-100thJune 6, 2018 - Ethiopian Airlines has taken delivery of its 100th aircraft, Boeing 787 Dreamliner on June 6, 2018, once again leading the way in fleet expansion and modernization in Africa, according to communique sent by the company.

As part of Ethiopian Corporate Social Responsibility commitments, the new aircraft has ferried medical equipment from the Seattle-based NGO, Direct Relief, to St Paulos Hospital in Addis Ababa. The shipment includes surgical stools and other medical supplies to be used for both teaching and patient care.

Group CEO of Ethiopian Airlines, Mr. Tewolde GebreMariam, remarked, “It is an immense ho

Oromia Regional State Hands Over Coal Mine to Organized Youth

METEC-EthiopiaJune 3, 2018 - The Oromia Regional State handed over the mining concession of Yayu Coal Deposit to organized youth in the area, according to the Reporter. A year ago it striped the Metals and Engineering Corporation (METEC) of the rights to extract and market coal minerals from the deposit.

The contested coal mineral site, located in Yayu, Ilu Ababor Zone–previously under METEC–has been operational for the past seven years. Under its ownership, the military industrial complex was using the site to originally use the raw material for Yayu Fertilizer Factory which currently is under construction.

Previous reports to the parliament i

Ethiopian MInistry Suspends MIDROC Gold Mining License

MIDROC-Gold-MiningMay 10, 2018 - Ethiopian Ministry of Mines, Petroleum and Natural Gas has suspended MIDROC's Lega Dembi gold-mining license, according to FBC report.

Residents of Guji zone in Oromia have been complaining about environmental pollution resulting from gold mining activity in the area, which prompted the Ethiopian ministry to suspend the license.

According to the Ministry, the Company won’t produce gold until detailed study is conducted by a neutral body.

Officials from the federal up to kebele levels as well as stakeholders will take part in the study, said Bacha Faji, public relations and communications director at

Oil, Gas Deposits Discovered in Ogaden Region in Ethiopia

Oil-Gas-OgadenMarch 25, 2018 - A Chinese company exploring oil and gas in the Ethio-Somali Regional State, Ogaden basin, has discovered oil and gas deposits, according to the Ethiopian Reporter.

The Chinese company, Poly-GCL, which signed petroleum exploration and development agreement with the then Ministry of Mines in November 2013, has been prospecting for oil and gas reserve in a vast exploration area in the Ogaden basin. The company is also trying to develop the Calub and Hilala gas fields found in the Ogaden basin many years ago. 

Koang Tutlam (MD), state minister of the Ministry of Mines, Petroleum and Natural Gas, told The Reporter that Poly-GCL ha

Habesh Cement Resumes Production

Habesha-Cement-Resumes-OperationNovember 4, 2017 - Habesha Cement factory which suspended operation due to instability has resumed production, reported the Ethiopian English weekly newspaper Reporter. Habesh suspended production on October 24 after young protesters, who demanded permanent jobs, occupied the factory. The youngsters demanded permanent jobs or to be put on the company’s pay roll. The management of the company decided to shut down the cement manufacturing plant due to the protest. The Oromia Police has intervened to calm down the youth. 

Following the protest, the executive management team of Habesha Cement, Woreda an

Grand Ethiopian Renaissance Dam to Start Power Generation

Dr.Debretsion-GERDOctober 18, 2017 - The Grand Ethiopian Renaissance Dam (GERD), being built on the Nile, will start generating hydroelectric power in the current fiscal year, reports Ethiopian news agency. “The remaining 38 percent of the construction will be done while the dam is generating hydroelectric power", Debretsion Gebremichael, Board Chairman of the National Council for the Coordination of Public Participation for the Construction of GERD, said as quoted by the Ethiopian news agency.

The construction of the dam, which will be the largest in the continent and among the top ten in the world in terms of generating capacity, has reached 62

Ethiopia to Raise 1.5 Billion Birr for GERD

GERD-EthiopiaOctober 12, 2017 - The Ethiopian government announced plans to raise 1.5 billion Birr in the current Ethiopian fiscal year for the construction of the Grand Ethiopian Renaissance Dam (GERD), reports Ethiopian News agency. .

The Office of the National Council for the Coordination of Public Participation on the Construction of the Dam announced the plan on Tuesday at a consultation forum being held in Addis Ababa.

The Office planed to realize the target by further strengthening wider public participation, implementing various fundraising mechanisms including lotteries, music concerts, arts and photo exhibitions, among others.

Efforts wi

Ethiopia Unveils National Financial Inclusion Strategy

Ethiopia-Financial-InclusionSeptember 3, 2017 - Ethiopia unveiled a National Financial Inclusion Strategy that envisions providing universal access through innovative and convenient channels by the National Bank of Ethiopia (NBE). Despite the significant expansion of the financial sector in Ethiopia, only 22 percent of adult Ethiopians have account in regulated financial institutions, as compared to 34 percent of Sub-Saharan Africa. The strategy plans to give access to 60 percent adults by 2020, reports Ethiopian news agency.

National Bank of Ethiopia Governor, Teklewold Atnafu attributed the low performance in the sector to lack of finance and related infrastructures, community

Chinese Embassy in Ethiopia Warns Chinese Companies on Labor Abuses

Chinese-companies-warnedSeptember 23, 2017 - The Chinese embassy in Addis Ababa called an unprecedented meeting with all Chinese companies operating in Ethiopia last week, following repeated events such as labor issues and accusations involving Chinese companies working in the country. The Chinese embassy in Ethiopia confirmed such a communication had taken place but refused to go into details.

However, according to sources, the embassy went further and warned some of the companies regarding the consequences of their actions in the country.

Sources also confirmed that recent incidents involving the China State Construction Engineering Corpor

Ethiopian Airlines to Receive the First B787-9 Aircraft

Ethiopian-B787-9September 9, 2017 - Ethiopia’s flag carrier and Africa’s fastest growing airline, Ethiopian Airlines, is going to take delivery of the first of the four Boeing B787-9 aircraft next month. Africa’s largest airline, Ethiopian, was the first in Africa and only the second in the world next to Japan to acquire and operate B787-8 mid-size twin engine aircraft in 2012.

In 2015, Ethiopian placed firm orders for four B787-9 aircraft, an extended version of B787-8 Dreamliner aircraft. Today the airline operates 19 B787-8 aircraft. Sources told The Reporter that Ethiopian will take delivery of the first B787-9 direct from Boeing in October 2017.

Ethiopia: Bahir Dar City to Get Special Economic Zone

Lake-Tana-bahir-DarAugust 27, 2017 - Chinese Maxtor International Financial Services inked a memorandum of understanding with Ethiopia’s Amhara Regional State to build a Special Economic Zone in Bahr Dar city. The company’s officials stated that Maxtor chose its investment in Ethiopia after conducting comprehensive business and economic feasibility studies among various African countries.

During the signing ceremony it was announced that the new project was unique for being the first of its kind to have come to Ethiopia. It was also noted that the new project is expected to lie by the side of Lake Tana, Africa’s second largest lake. Similarly,

Six Ethiopian Towns to Get Power Upgrade

Ethiopian-Electric-UtilityAugust 23, 2017 - The Ethiopian Electric Utility (EEU) is to going to rehabilitate and upgrade electric power distribution lines in six Ethiopia towns. The rehabilitation will be undertaken with 1.7 billion Br financing from the World Bank's (WB) International Development Association (IDA) and the Ethiopian government coffer.

Adigrat, Debre Marqos, Gondor, Shashamane, Wolaita Sodo and Harar towns are the beneficiaries of this rehabilitation program. Out of the total amount, IDA will cover 1.4 billion Br. The project is expected to avoid the recurrent blackouts in these Ethiopian towns.

For the project, the Ethiopian gov


Archived News

No News to show