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Latest Ethiopian News - Business

Haile Gebreselassie Builds New Resort Hotel in Ethiopia’s Southern Town

Haile-Gebresilassie-Hotel-Arba-MinchOctober 14, 2017 - Ethiopian athlete, Haile Gebreselassie, is building a four-star resort hotel in Arba Minch town, Southern Regional State, at a cost of 250 million birr. Under his investment arm, Haile and Alem International, Haile has built Haile Resort Hotels in different Ethiopian towns:  Hawassa, Ziway, and Shashemene towns in the Ethiopian Rift Valley. He has also built Yaya Village in Sululta town, Oromia Regional State.

Stretched on 41,313sqm plot of land with a panoramic view of lakes Chamo and Abaya, Haile Resort Arba Minch has three storeys. The resort has 108 guest rooms of different standards, swimming pool, s

Ethiopia Launches 15-Year Cotton Development Strategy

Ethiopian-CottonOctober 14, 2017 - As part of its effort to augment its textile sector, Ethiopia’s government has launched a 15 years National Cotton Development Strategy aimed at positioning Ethiopia as the top cotton producer in Africa.  The implementation of the strategy would enable Ethiopia to become top cotton producer in Africa from the current 10th place.

The strategy was launched with the view of tackling the challenges faced following ever growing demand for cotton in the country. The strategy is designed to increase the size of land cultivated with cotton to 250,000 hectares and one million hectares after five years and in 2032 respectively

Ethiopia Sesame Export Revenue Lowest in Five Years

Sesame-export-ethiopiaOctober 11, 2017 - Ethiopia has earned about 307.5 million dollars from the export of sesame in the past fiscal year - the lowest in five years, reports Ethiopian English weekly Addis Fortune newspaper. Commenting on the issue Ethiopian government officials stated that there would be no further decline. As part of measures to augment revenue from the sector, Ethiopia’s Ministry of Agriculture & Natural Resources (MoANR) plans to uplift the revenue from the export of sesame by 16pc in the current fiscal year.

Most of the problems occurred during the harvest of the seeds, according to Tesfaye Mengiste, state minister of MoANR. The pr

Ethiopia Plans to Triple Tourism Revenue to 30 Billion Dollars

Ethiopia-TourismOctober 11, 2017 - Ethiopian Ministry of tourism and culture announced its plans to increase the number of tourists visiting Ethiopia to one million. This can enable the nation to generate $29.8 billion income this year, according to the ministry. It has been reported previously that Ethiopia had intended to generate 3 billion dollars from the sector in 2016 but the authorities were forced to revise its targets following the unrest happened in that year. The Ethiopian government now wants to triple this number to 2.5 million each year, making tourism the leading sector in one of Africa's fastest growing economies by 2020.

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Ethiopia Aims for 11 Percent Economic Growth in Fiscal Year

Mulatu-Teshome-EthiopiaOctober 10, 2017 - In his opening speech to the Ethiopian parliament, Ethiopian President Dr. Mulatu Teshome disclosed his government’s plan to realize over 11 percent economic growth in the current Ethiopian fiscal year.

According to the Ethiopian president, manufacturing industry, agriculture and foreign trade are among the key areas in the plan. By working on the key sectors effectively, Mulatu said Ethiopia would realize the 11 percent growth, recalling the 10.9 percent growth registered last year despite the drought.
 
Enhancing the capacity of manufacturing industries in producing value added products and enc

KEFI Mineral Gets Extended Funding for Ethiopia Project

KEFI-Minerals-Extended-Funding-EthiopiaOctober 9, 2017 - KEFI Minerals PLC stated the period between July to September was "exceptionally busy", with extended funding for KEFI's Tulu Kapi Gold Project in Ethiopia.  KEFI said the aim of closing the funding package to be supplied by Oryx Management Ltd by the end of 2017 remains on track.

Oryx has appointed a placing agent for the issue of listed bonds, submitted its draft financing agreement to the Ethiopian authorities for approval and is forming its Finance Special Purpose Vehicle which will be the bond issuer.

These arrangements are intended to reduce the residual capital requirement for d

Ethiopia’s Centarl Bank to Begin Trading Bonds in Secondary Market

National-Bank-EthiopiaOctober 7, 2017 - The National Bank of Ethiopia (NBE) will begin trading bonds in the secondary market this Ethiopian fiscal year (2017/18), reports FBC.The plan was delayed by two years because of failure to conclude the necessary studies at the required time, according to Dr Yohannes Ayalew, vice governor of NBE. As the system is new to Ethiopia, the preparation period took more time than expected.

“However, since all the necessary reparations are completed now, we will begin it this Ethiopian fiscal year,” he said.

Dr Yohannes said the scheme will increase the demand of the people for bonds, create opportuniti

Ethiopia Launches Horticulture Development Strategy

Ethiopian-HorticultureOctober 5, 2017 - The government of Ethiopia has launched National Horticulture Development and Transaction Strategy, which aims at creating conducive environment for modernized horticulture development, reports Ethiopian News Agency.  The strategy will play a significant role in improving productivity and quality of horticultural products, said Tesfaye Mengistu, State Minister of Ethiopian Agriculture and Natural Resource.

Improving quality and productivity, as well as modernizing the sector are the priority areas expected to attain through the strategy. The strategy, to be implemented over the next ten years, will allow providing exte

Ethiopia, World Bank Sign $1.3B Loan, Grant Agreement

World-Bank-Ethiopia-LoanSeptember 30, 2017 - The World Bank on Friday signed a $1.3 billion loan and grant agreement with Ethiopia’s government to improve governance and fund an anti-poverty package that provides financial relief for Ethiopians facing food shortages. The WB said a loan of $700 million would be used to "improve equitable access to basic services and strengthen accountability in Ethiopia" in education, health, agriculture and other sectors.

The remaining $600 million was a grant to finance Ethiopia’s "Rural Productive Safety Net" scheme, which is handing out cash or food to 8 million people in exchange

Chinese Tourist Number Steadily Increasing – Ethiopian Ministry

Chinese-Tourists-EthiopiaSeptember 29, 2017 - Ethiopia received 41,660 Chinese tourists in 2015, up from 35,383 in 2012, stated Kasshaun Ayalew, an expert at Ethiopia Ministry of Culture and Tourism (MoCT).  The Ethiopian expert also said that although Chinese tourist number was lower than those of American and British tourists, the two largest groups of tourists received by Ethiopia, Chinese tourists tended to stay longer and spend more.

Ayalew said despite Ethiopia facing political turbulence in 2015 and 2016, the number of Chinese tourists visiting its attractions had increased in contrast to western tourists.The ministry, however, said hospitality ins

Ethiopian Economy Resilient Despite Weak Global Prices - IMF

Ethiopian-Economy-ResilientSeptember 28, 2017 - Ethiopia's economy has shown a strong resilience in 2016/17 despite weak global prices for its export items and re-emergence of drought, reports ENA.

Ethiopia’s Real Gross Domestic product is estimated to have expanded by 9 percent in 2016/17, according to International Monetary Fund (IMF).

The remark was made by IMF staff team following the visit to Ethiopia from 13 to 26 September 2017 to conduct the '2017 Article IV consultation' discussions with Ethiopia.                     &

Italy to Help in Textile Industry Development in Ethiopia

Italy-Textile-EthiopiaSeptember 24, 2017 - The Ethiopian Textile Industry Development Institute and the Italian Trade Agency signed a cooperation agreement for the enhancement of textile industry development in Ethiopia. Small, medium and large scale Ethiopian enterprises operating in the textile industry will be the key beneficiaries of the assistance through the 'Italy-Ethiopia textile technology center' project.

The agreement includes 200,000 Euros assistance for technology and equipment dedicated to local training.
 
General Director of Ethiopian Textile Industry Development Institute Seleshi Lemma said the assistance will hel

Ethiopia’s First Natural Gas Development Project Behind Schedule

Ethiopian-Natural-GasSeptember 23, 2017 - Due to complex negotiations with the Djiboutian government on gas pipeline construction to the port of Djibouti, Ethiopia’s first natural gas development project in the Ogaden basin in Somali Regional State is lagging behind schedule, reports the Ethiopian newspaper The Reporter.

The Chinese firm Poly-GCL signed petroleum development agreement with the then Ethiopian  Ministry of Mines in November 2013 that would enable the company develop the natural gas reserves in the Ogaden basin and prospect for additional oil and gas deposits. Poly-GCL has been undertaking various petroleum exploration and reserve est

Ethiopia Launches Tax Research Network

Ethiopian-Tax-Research-NetworkSeptember 20, 2017 - The Ethiopian Tax Research Network (ETRN) was officially launched today by the International Centre for Tax and Development (ICTD) with funding from the Bill and Melinda Gates Foundation, reports FBC. The Network comprises the Ethiopian Ministry of Finance and Economic Cooperation, Ethiopian Revenues and Customs Authority, Ethiopian Civil Service University, Ethiopian Development Research Institute and UK’s Department for International Development (DFID) as members.

The Network is aimed at supporting the exchange of tax knowledge in Ethiopia, with stakeholders including tax practitioners and researc

Ethiopia: Hawasa Emerges Top City for FDI Jobs

Hawassa-Industrial-ParkSeptember 19, 2017 - Ethiopia’s southern city, Hawassa, has become top in terms of creating jobs from foreign direct investment in the first half of 2017, fDi Intelligence reveals. The Ethiopian city has created 6,546 jobs during the specific period putting it at the top among Middle East and African countries, according to fDi Intelligence.
 
The Hawassa industrial park, which started operation four months ago, has helped the town to create more jobs.
 
The park, which is the largest apparel and textile park in Africa, is expected to employ 60,000 Ethiopians upon fully operational.
 

France, Ethiopia Sign $70.5 Million Grant Loan Agreement

Addis-Ababa-Abattoirs-EnterpriseSeptember 14, 2017 - Ethiopia and France signed a 70.5 million loan and grant agreement to support the relocation and expansion of Addis Ababa Abattoirs Enterprise, one of the largest abattoirs (slaughterhouses) in Ethiopia, reports Ethiopian News Agency.

The agreement was signed by Finance and Economic Cooperation State Minister Admasu Nebebe and France's Ambassador to Ethiopia Frederic Bontems.

During the agreement ceremony, the Ethiopian State Minister Admasu said the agreement aims at providing standard abattoirs service for both Ethiopian and international markets by relocating and modernizing Addis Aba

Ethiopian Meat Industry Attracting Global Players – Government

Ethiopia-meat-exportsSeptember 12, 2017 - Ethiopia’s meat industry has been attracting new investors from various countries, reports ENA. The sector has been steadily growing and domestic and foreign investors are showing interest, according to the Ethiopian Meat and Dairy Industry Development Institute. The performance of the sector during the first two year of the Ethiopian GTP-II – the second five-year development plan- the country has obtained  207.4 million USD from the planned 266 million USD.

Currently, companies from China, India, France and Pakistan are engaged in the sector mainly meat processing. Some 12 modern abattoirs includ

Ethiopian Insurance Corporation to Build 1.2 Billion Birr HQ

Ethiopian-Insurance-CorporationSeptember 12, 2017 - The Ethiopian Insurance Corporation (EIC), the giant insurer in the country, has finalized preparations to construct two multipurpose buildings with a cost of 1.2 billion Br. The two buildings are expected to accommodate the entire corporation’s staff working in the East District. The Ethiopian Insurance giant has already completed the design of the nine-story buildings. The multipurpose buildings will have shops, residences and offices.

EIC has been struggling to clear the land for the past ten years. Currently, it has started conducting soil tests."Although we leased the land a decade ago,

Ethiopian Government Orders Private Banks to Cover ESLSE Forex Needs

Ethiopian-ShippingSeptember 12, 2017 - In unprecedented move, the National Bank of Ethiopia (NBE) directed all of the private banks to sell 15 million dollar worth of foreign currency to Ethiopian Shipping Logistics Services Enterprise (ESLSE) to cover port payments to Djibouti, according to Ethiopian English weekly newspaper Addis Fortune.

The money will be used to pay the debt of the Enterprise for the port of Djibouti. The order comes amidst the shortage of foreign exchange throughout Ethiopia, which put businesses in a tight situation, and a decline in Ethiopia’s export earnings and remittance, which are the primary source of foreign curren

Ethiopian Sugar Factories to Start Operation – Officials

Sugar-factoriess-start-operationSeptember 9, 2017 - Sugar factories across Ethiopia will become operational this budget year and fully meet the domestic demand, Ethiopian Government stated. Ethiopia’s Public Enterprises Minister, Dr. Girma Amente said there are encouraging improvements in the production of sugar, though the projects are late by two years in meeting the plan to export sugar.

“Of course we are late, but we are leaping forward,” the Ethiopian official stressed. According to the Minister, the recent export of sugar to Kenya was mainly meant to assess the market for future venture.

Yet, Dr. Girma said, meeting the

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