Ethiopian Economy Business News - Ethiopian News

Ethiopia's Investment in Agriculture is Paying Off

Ethiopia-Investment-in-agriculture-paying-offJanuary 18, 2018 (Ezega.com) - Agriculture is the backbone of Ethiopia’s economy. It accounts for about 42% of the country’s GDP and employs an estimated 80% of the population. With a 10% economic growth rate per annum, Ethiopia is emerging as a force to reckon with in terms of development in the continent.

And with an ambitious prime minister like Abiy Ahmed in office, there are no signs that Ethiopia’s determinations for further growth will fade any time soon .It is clear from the government’s development blueprint, Ethiopia intends to achieve middle-income status by 2025.

Ethiopia Awards GERD Electro-Mechanical Work to Chinese Firms

GERD-electro-mechanical-projectJanuary 13, 2019 (Ezega.com) - The Ethiopian government made two separate agreements worth USD 200 million to complete the hydraulic steel structures and electromechanical work that has delayed the completion of the Great Ethiopian Renaissance Dam (GERD), according to the Ethiopian Reporter.

The Ethiopian Electric Power (EEP) awarded Voith Hydro Shanghai Ltd, a chinese firm based in Germany, to supply and install six turbine generators. According to the agreement, the firm will receive USD 77.9 million. Abraham Belay (PhD), CEO of EEP, and Voith deputy, Tang Xu, signed the agreement on Thursday.

The EEP also made

The Challenges of Poverty Reduction in Ethiopia

Poverty-Reduction-EthiopiaDecember 30, 2018 (Ezega.com) - Since 2000, Ethiopia has made significant progress in alleviating poverty. It has made great strides in different Millennium Development Goals; including disease eradication and reducing the infant mortality rate. Despite the efforts made, Ethiopia ranks high amongst the countries with the highest poverty rates, as per World Bank data.

The factors contributing to poverty in the country are rooted in its economic, political, geographic, demographic, environment and overall policy. Ethiopia is characterized by low income, weak capital and investment, and high unemployment rates.

Its agrarian-

Ethiopian Renaissance Dam Scheduled to be Completed in 2022

GERD-completion-delayed-4-yearsDecember 13, 2018 (Ezega.com) - The Project Manager of the Grand Ethiopian Renaissance Dam (GERD) said the dam is now scheduled to be completed in 2022.

According to the Project Manager of the dam, Eng. Kifle Horo, the dam was originally scheduled to be completed in 2017.

The project manager made the remark during a meeting held in Addis Ababa on the progress of the GERD.

But, because of delays, especially the electro-mechanical part of the work, the completion date is being pushed out to 2022. Changes in design to higher generation capacity also contributed to the delay, it is learnt.

The GERD

Addis Ababa City to Get Major Facelift

Addis-Ababa-to-Get-FaceliftDecember 8, 2018 - Addis Ababa City is set to get a major facelift with a project that extends from Entoto to Yeka Abado, according to the Ethiopian Reporter.

The project is said to include facilities especially meant to target tourists coming to visit Addis Ababa.

According the plan will include cable cars from Sululta, Botanic Garden to Yeka Abado, river and wetland preservations, museums and parks.

The city will start implementing the project assoon as the design is completed

Those who have been briefed about the plan, including Prime Minister Abiy Ahmed, say the project will give the city a major facelif

Ethiopian Economy to Grow 8.5 Percent this Fiscal Year - IMF

By Staff Reporter

Ethiopian-economic-growth-8.5pctNovember 7, 2018 - The Ethiopian economy is forecasted to grow by 8.5 percent this Ethiopian fiscal year which will end on July 7, 2019, according to IMF Economic Outlook for Africa.

According to the IMF’s outlook seen by Ezega.com on Thursday, Ethiopia will continue to be the fastest growing economy in Sub Saharan Africa followed by Rwanda with predicted growth rate of 7.8 percent and Senegal 6.7 percent.

Deputy Director IMF’s African Departments David Robinson told Ezega.com that Ethiopia’s growth was driven by the service sector and improved domestic and fore

International Finance Corporation Working on Solar Power Project in Ethiopia

IFC-solar-project-ethiopiaNovember 3, 2018 - The International Finance Corporation (IFC) is working on solar power project in Ethiopia to generate 500 megawatt of electricity, according to the Reporter.

The International Finance Corporation (IFC) is the private sector of the World Bank. The news comes following $1.2 Billion grant this weel to Ethiopia by the World Bank.

According to The Reporter, Sergio Pimenta, vice president of IFC for the Middle East and Africa said that IFC is running a program called “Scaling Solar” in which the development financier will scale-up investments for the production of 500MW of solar power.

Acc

No Salary Raise for Ethiopian Civil Servants this Year - PM Abiy

By Staff Reporter

No-salary-raise-PMOctober 18, 2018 - Prime Minister Abiy Ahmed today disclosed the government will not increase salaries of civil servants this Ethiopian fiscal year due to recurring budget deficit.

Responding to questions of MPs on Thursday, Abiy said his government has been under extraordinary spending as millions of people were displaced, fleeing violence and conflicts in different parts of the country.

He said the unfolding drought and lower income from taxes have also aggravated government’s inability to raise salaries of the nation’s 1.5 civil servants.

“Civil servants, including

METEC to Have Reorganization, New Name

METEC-new-nameOctober 15, 2018 - The military controlled industrial enterprise named Metals and Engineering Corporation (METEC) is going to be reorganized, according to FBC report.

METEC came under hot water recently for the delay it caused to the Grand Ethiopian Renaissance Dam (GERD) project. Prime Minister Abiy Ahmed himself singled it out as one responsible for the project delay. METEC later lost its contract for the GERD.

Many people also accuse the organzation of using its connection with Ethiopia's military to gain unfair competitive advantage as well as a back channel for corruption and mismanagement by people connected to the military.

ME

140 Million USD Adama Industrial Park Inaugurated

Adama-Industrial-ParkOctober 7, 2018 - Adama Industrial Park was inaugurated by Prime Minister Abiy Ahmed (PhD) on Sunday October 7, 2018, according to the Reporter.

Construction of the first phase of the USD 140 million project was completed recently.

Covering 365.5 hectares of land when fully completed, the first phase has 19 manufacturing sheds built on 102 hectares of land, according to information from the Industrial Parks Development Corporation (IPDC).

Companies like Antex Textile and Charter Venture Apparel have already acquired manufacturing space. Others are reportedly to follow.

CEO of Industrial Parks Development Corporati

Addis Ababa City Reclaims 4 Million Sqm of Undeveloped Land

Addis-Ababa-reclaims-landSeptember 23, 2018 - The Addis Ababa city administration cabinet has decided to revoke lease agreements of 154 sites, totaling 4,126,423 square meters of land. The land in question have been fenced off and left unused for the past 14 years, according to FBCreport.

The administration decided to repossess sites from various entities, including investors (456,428 sqm), government offices (127,140.93sqm), MIDROC Ethiopia (549,241sqm), embassies and agencies (250,413.89 sqm), and from federal institutions, including Defense Force and Ethio-telecom (2.7mln sqm.)

Engineer Takele Uma, Deputy Mayor of Addis Ababa city, said the adm

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

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