IMF and Ethiopia Reach Preliminary Agreement on $3.4 Billion Extended Credit Facility

IMF and Ethiopia Reach Preliminary Agreement on $3.4 Billion Extended Credit Facility Addis Ababa, Ethiopia – It was announced today that the International Monetary Fund (IMF) and the Ethiopian government have reached a preliminary agreement regarding an extended credit facility. In a statement released by the IMF, the organization confirmed that it has agreed to provide Ethiopia with $3.4 billion over four years as part of this arrangement. Under the terms of the agreement, Ethiopia will receive an initial disbursement of approximately $345 million once the IMF’s Executive Board officially approves the deal. This financial support is aimed at helping Ethiopia implement its indigenous economic reform program, which includes a shift toward a market-based foreign exchange rate. “Ethiopia’s economic reform, particularly the adoption of a market-based foreign exchange transaction rate, is showing promising results,” the IMF stated. The implementation of this system has notably reduced the gap between the parallel and official foreign exchange markets. Ethiopia initiated its market-based foreign exchange system in July of last year as part of broader economic reforms aimed at stabilizing the economy and promoting sustainable growth. The announcement follows a period of intensive negotiations between IMF representatives, led by Alvero Piris, and Ethiopian government officials, including Governor of the National Bank of Ethiopia, Mamo Mehretu, Finance Minister Ahmed Shede, and Minister of State for Finance, Eyob Tekalign. The IMF delegation stayed in Ethiopia from September 17 to 26, 2024, to discuss the country’s request for financial support. “Ethiopia’s ongoing reforms will help restore macroeconomic stability, secure foreign exchange supply, and support sustainable economic growth,” said Alvero Piris, following the negotiations. He added that the policy changes would also help to stabilize inflation by reforming the financial system and generate both economic and social benefits. Piris also emphasized that the government’s increased revenue and financial sector reforms will strengthen public institutions and ensure the sustainability of government spending. He thanked Ethiopian officials for their cooperation in successfully implementing the IMF’s economic program. This announcement comes after the IMF’s previous visit to Ethiopia concluded without an agreement. However, the new understanding reflects both parties’ commitment to moving forward with Ethiopia’s economic recovery plan. The $3.4 billion loan, once approved, will provide crucial support for Ethiopia as it continues to navigate a challenging economic environment and push forward with critical reforms. 3 COMMENTS Abdullah September 29, 2024 At 9:12 am This is really shameful and unresponsive act by IMF for assisting a tyranny government which is continually committing genocide and crime against humanity against its people. Shameful IMF. In history, IMF will be brought to ICC. This is really shameful and unresponsive act by IMF for assisting a tyranny government which is continually committing genocide and crime against humanity against its people. Shameful IMF. In history, IMF will be brought to ICC. Nebiyou September 29, 2024 At 12:44 pm Thank you IMF, for supporting ?? Ethiopia . ??Ethiopian government is doing everything possible to stabilize the economy and drop inflation rates. Thank you IMF, for supporting ?? Ethiopia . ??Ethiopian government is doing everything possible to stabilize the economy and drop inflation rates. Kebede September 30, 2024 At 4:22 am In a country where ethnic devision is favored at a government level, and talking about unity seems a crime and put you on a label called “ Ahedawi” you can’t have a shared vision as a country. In a country where ethnic devision is favored at a government level, and talking about unity seems a crime and put you on a label called “ Ahedawi” you can’t have a shared vision as a country. Comments are closed.

Ethiopia’s Largest Cement Factory, Lemi National, Opens with 150,000 Quintal Daily Capacity

Ethiopia’s Largest Cement Factory, Lemi National, Opens with 150,000 Quintal Daily Capacity Lemi, Ethiopia – Prime Minister Abiy Ahmed (PhD) has officially inaugurated the Lemi National Cement Factory in the Amhara region, the largest cement factory in Ethiopia. With a production capacity of 150,000 quintals of cement per day, the project represents a significant milestone in the country’s industrialization efforts. Speaking at the inauguration, Prime Minister Abiy emphasized the importance of this mega project. “As we inaugurate the Lemi National Cement Factory, with a production capacity of 150,000 quintals per day, this mega project stands as a testament to our government’s commitment to building fast, building big, and building clean. It exemplifies the swift and efficient delivery of crucial infrastructure. Congratulations to all those involved in realizing this important project, which now produces 50% of the cement made by factories across the country.” The factory, completed in just two years, employs advanced technology, including a non-human touch production system, which maximizes efficiency and minimizes energy use. One of the facility’s key innovations is the world’s longest pre-heating tower, standing at 174 meters. The Prime Minister also underscored the project’s broader implications for Ethiopia’s economy. “Returning to this site after two years, I am astounded by the progress, which reflects our governance principles. It shows that with hard work, future generations will not inherit poverty but a foundation for growth and prosperity,” he stated. He further urged the private sector to engage in similar large-scale projects, particularly in steel manufacturing and fertilizer production, which could significantly impact job creation and national development. Pre-Heater Technology A key feature of the Lemi National Cement Factory is its advanced Pre-Heater system, a critical component contributing to the factory’s high production capacity. The Pre-Heater unit, installed in the main facility, is 160 meters long and plays a pivotal role in the cement production process. It prepares 10,000 tons of clinker per day by pre-heating the raw materials. The Pre-Heater system is designed to heat the cement raw materials to a temperature of up to 950°C, ensuring they are adequately prepared for further processing. Once heated, these input products are transferred to the Rotary Kiln, the main combustion unit, where they undergo further transformation into clinker, a key ingredient in cement. The efficiency of this system not only increases production but also reduces energy consumption, a major factor in cement manufacturing. The inclusion of such technology is a reflection of Ethiopia’s ongoing efforts to modernize its industrial sector with environmentally conscious solutions. Prime Minister Abiy reiterated that projects like Lemi National Cement Factory could serve as catalysts for broader economic development. “The challenges facing nations like Ethiopia require large-scale solutions. The joint cooperation between the private and public sectors is key to unlocking national opportunities and addressing our most pressing problems. By investing in initiatives like this, we can uplift more people and ensure they live dignified lives.” The Lemi National Cement Factory is expected to significantly reduce Ethiopia’s reliance on cement imports, providing a major boost to the country’s construction and infrastructure sectors. 4 COMMENTS Edgar Bin Yahyah IV September 29, 2024 At 12:37 pm Great to see Ethiopia making progressive developments in the modern age. Igzabeir ! Great to see Ethiopia making progressive developments in the modern age. Igzabeir ! Ethiopia doubles cement-making capacity with advanced factory - FIXEDD September 30, 2024 At 4:26 pm […] Ethiopia has doubled its cement-making capacity with a mega-factory in the Amhara region in the north of the country, Addis Insight reports. […] […] Ethiopia has doubled its cement-making capacity with a mega-factory in the Amhara region in the north of the country, Addis Insight reports. […] Ethiopia doubles cement-making capacity with advanced factory  – Global Construction Review  October 1, 2024 At 6:24 am […] Ethiopia has doubled its cement-making capacity with a mega-factory in the Amhara region in the north of the country, Addis Insight reports. […] […] Ethiopia has doubled its cement-making capacity with a mega-factory in the Amhara region in the north of the country, Addis Insight reports. […] Bruk lema October 3, 2024 At 6:16 pm Pls post driving vacancy Pls post driving vacancy Comments are closed.

Addis Ababa City Administration Tightens Control on Building Permits and Setback Violations

Addis Ababa City Administration Tightens Control on Building Permits and Setback Violations The Addis Ababa City Administration’s Construction Permit and Control Authority has issued a strict warning to developers violating the city’s building regulations, specifically related to the implementation of the Setback Act. This move follows the city administration’s cabinet decision during its 14th regular meeting on June 18 th, 2024, where several measures concerning building construction were adopted. Key Regulations Enforced: Setback Regulations: Developers must adhere to specific setback distances—10 meters, 5 meters, 13 meters, and 2 meters—depending on the type of property. Minimum Land Area: Properties situated along roads with widths of 15 meters or more must have a minimum area of 500 square meters. Building Frontage: The minimum frontage of buildings must be at least 20 meters along roads that fall under the above specifications. These laws apply across Addis Ababa, covering areas within and outside of corridor development zones. The administration emphasizes that any violation of these laws will lead to irrevocable action against those responsible. Strict Monitoring Measures The Construction Permit and Control Authority noted that despite previous circulars outlining the regulations, some developers are attempting to bypass the laws. Specifically, developers have been found starting construction without making necessary design adjustments or obtaining the required permits. In response, the City and district offices have been directed to strictly monitor and control all construction projects at every level. Developers found in violation, and officials neglecting their oversight duties, will face severe consequences. “We cannot allow violations of the city’s laws to go unchecked,” a spokesperson for the Construction Permit and Control Authority stated. “We are committed to ensuring that Addis Ababa’s urban development aligns with our regulations to promote safe, sustainable growth.” Consequences for Non-Compliance The Authority has made it clear that those found violating the laws or failing to properly monitor construction in their districts will be held accountable. This includes possible fines, legal action, and public reprimands for officials found complicit in covering up illegal activities. The Setback Act and related regulations are seen as vital for maintaining the city’s orderly development, ensuring safety, and avoiding overcrowding in key urban areas. With Addis Ababa’s rapid growth, the administration has been actively working to create a well-regulated environment that balances expansion with public safety and proper urban planning. The city administration urged all developers and relevant officials to familiarize themselves with the setback and other construction laws to avoid future complications. District offices have been tasked with acting swiftly to ensure compliance or reporting violations to higher authorities for action. 5 COMMENTS Ittu Aba Farda September 26, 2024 At 6:30 pm Meanwhile, we should not ignore thousands of our daughters and sisters who are in grave danger caught up amid the war in the Middle East that is now spreading into Lebanon. No media outlet among our Diaspora is talking about it. I am very disappointed by the editors of these websites for not highlighting about it. Have we turned into people with hearts of stone? What is being done to evacuate or secure safe places for people who are there as domestic workers? They have nowhere to go. Syria is a mess and danger zone itself. I don’t think Egypt will take them in and even that could be a dangerous trip through the rough waters of the Mediterranean Sea. Let’s do something to help them!!! Yassin September 30, 2024 At 1:00 am Perfectly. That’s top priority ! I couldn’t agree more with your comment ! Nana September 30, 2024 At 5:55 am Other issues must be talked about also. We can’t be talking only wars. You can pay the website to publish a story about the war for you. Meanwhile, we should not ignore thousands of our daughters and sisters who are in grave danger caught up amid the war in the Middle East that is now spreading into Lebanon. No media outlet among our Diaspora is talking about it. I am very disappointed by the editors of these websites for not highlighting about it. Have we turned into people with hearts of stone? What is being done to evacuate or secure safe places for people who are there as domestic workers? They have nowhere to go. Syria is a mess and danger zone itself. I don’t think Egypt will take them in and even that could be a dangerous trip through the rough waters of the Mediterranean Sea. Let’s do something to help them!!! Yassin September 30, 2024 At 1:00 am Perfectly. That’s top priority ! I couldn’t agree more with your comment ! Perfectly. That’s top priority ! I couldn’t agree more with your comment ! Nana September 30, 2024 At 5:55 am Other issues must be talked about also. We can’t be talking only wars. You can pay the website to publish a story about the war for you. Other issues must be talked about also. We can’t be talking only wars. You can pay the website to publish a story about the war for you. Concern Citizen September 26, 2024 At 8:44 pm This is straight up apartheid. Basically unless you have over 500m2 you will not allow to get a building permit in Addis and even if you do have 500m2 land due to the so called SET BACK LAW you have have to go deep In to your own land up to 10m2 that’s will take away more than 100 to 150m2 land from the 500m2 so you can’t build anything, you can’t also sell it because since the land won’t be used to build a building no investors will buy it from you. So basically anyone who is in Addis weather the corridor thing including you or not as long as your land is anything less that 500m2 and the length of the footage is over 20m2 that even before the Set back plan takes 100 to 150m2 from you basically can’t sell nor build on it. By the way it doesn’t have to be the main road it could be coble stone road, dirt road whatever it depend on the side of the road over 15m2 no one could build anything. This is so devastating and the value of thousands house owners is practically zero. Very very sad This is straight up apartheid. Basically unless you have over 500m2 you will not allow to get a building permit in Addis and even if you do have 500m2 land due to the so called SET BACK LAW you have have to go deep In to your own land up to 10m2 that’s will take away more than 100 to 150m2 land from the 500m2 so you can’t build anything, you can’t also sell it because since the land won’t be used to build a building no investors will buy it from you. So basically anyone who is in Addis weather the corridor thing including you or not as long as your land is anything less that 500m2 and the length of the footage is over 20m2 that even before the Set back plan takes 100 to 150m2 from you basically can’t sell nor build on it. By the way it doesn’t have to be the main road it could be coble stone road, dirt road whatever it depend on the side of the road over 15m2 no one could build anything. This is so devastating and the value of thousands house owners is practically zero. Very very sad Jordan September 29, 2024 At 6:29 pm What’s taking place in Addis is too much too fast, that could possibly backfire. While there are gross negligence for citizens rights to property and while the overall master plan of the city remains enigmatic, skepticism is rife as to which class of citizen (if at all there is) ultimately stands to benefit & people begrudgingly watching it all aloof. What’s taking place in Addis is too much too fast, that could possibly backfire. While there are gross negligence for citizens rights to property and while the overall master plan of the city remains enigmatic, skepticism is rife as to which class of citizen (if at all there is) ultimately stands to benefit & people begrudgingly watching it all aloof. Comments are closed.

Unlocking Ethiopia’s Gemstone Potential: Haimanot Sisay’s Journey as the First Gemstone School Founder

Unlocking Ethiopia’s Gemstone Potential: Haimanot Sisay’s Journey as the First Gemstone School Founder Haimanot Sisay’s journey from studying computer science to becoming a pioneering gemologist in Ethiopia is a compelling tale of passion, perseverance, and the transformative power of education. With a background that includes working as a flight attendant for Ethiopian Airlines and establishing her own gemstone export business, Haimanot has not only carved a niche for herself in the gemstone industry but also paved the way for future generations of gemologists in her country. This article explores her journey, the challenges she faced, and her vision for the future of Ethiopia’s gemstone sector. Early Influences and Passion for Gemstones Haimanot’s fascination with gemstones began in the 9th grade, influenced by her great-uncle, Wodaje Abebe, a respected mining engineer in Ethiopia. His pioneering work in the mining sector, particularly through the establishment of the ‘Legedenbi’ Gold Mine, left a lasting impression on her. Wodaje’s self-taught skills in stone cutting and his dedication to his craft inspired Haimanot to spend countless hours learning about gemstone identification and cutting techniques. “My great-uncle’s passion for gemstones ignited my own. Those early experiences laid the foundation for my future in this industry,” she recalls. However, the absence of structured education in gemmology in Ethiopia led Haimanot to pursue a bachelor’s degree in computer science at Mekelle University. Though she graduated to fulfill societal expectations, her true passion for gemstones lingered in the background. The Career Transition: From IT to Aviation After completing her degree, Haimanot worked at an IT company but soon realized it wasn’t fulfilling. Yearning for travel and adventure, she joined Ethiopian Airlines as a flight attendant. Her eight years in this role offered her not just the chance to explore different cultures and countries, but also invaluable life lessons in work ethics, teamwork, and self-management. “Traveling broadened my horizons and gave me a sense of purpose. I loved experiencing diverse cultures, languages, and cuisines,” she reflects. Yet, even as she thrived in her role, Haimanot felt a call to return to her true passion: gemstones. Pursuing Gemmology and Establishing a Business Recognizing the untapped potential of Ethiopia’s gemmological sector, Haimanot applied to the Gemological Institute of America (GIA) with the encouragement of friends and mentors. Receiving sponsorship for the Colored Gemstone class was a turning point for her. The six-month intensive program equipped her with both theoretical knowledge and practical skills, boosting her confidence to venture into a male-dominated industry. “My graduation from GIA instilled in me the confidence to become a pioneering gemmologist in Ethiopia,” she asserts. Upon returning home, she founded a gemstone export business and established a gemological school in collaboration with the World Gem Foundation, successfully graduating 12 gemmologists in Addis Ababa. Recognizing Ethiopia’s Potential in the Global Market Ethiopia is rich in gemstone resources, and Haimanot believes the country is uniquely positioned to succeed in the global gemstone market. “The regulations in place have prevented foreign exploitation of our resources,” she states, echoing wisdom shared by the great-grandson of Emperor Haile Selassie, who visited her class and emphasized responsible management of Ethiopia’s natural assets. Haimanot envisions a future where Ethiopia can lead the gemstone sector in Africa, driven by education and awareness among artisanal miners and companies. “This generation has the opportunity to revolutionize the sector,” she emphasizes. Comprehensive Services and Achievements Haimanot’s company has developed a comprehensive value chain in the gemstone industry, consisting of six key components: 1. Gem Laboratory: For testing, grading, and certification. 2. Gemmology Education: Offering courses for aspiring gemologists. 3. Artisanal Outreach Program: Training and supporting artisanal miners. 4. Gem Marketing: Promoting gems to local and international markets. 5. Jewelry Making Production: Creating handcrafted jewelry. 6. Lapidary Services: Offering stone cutting and polishing services. Since its inception, her company has achieved significant milestones, including the establishment of the first gem lab in Ethiopia and providing lapidary education to students with international instructors. Navigating Challenges in a Male-Dominated Industry Haimanot’s journey has not been without challenges. As a woman in a predominantly male field, she encountered skepticism about her abilities, particularly during her studies at GIA. “Being African and a woman came with significant obstacles,” she explains. However, these challenges fueled her determination to succeed. While the industry presents many opportunities, navigating bureaucratic hurdles in Ethiopia’s underdeveloped sector required persistence. “It took time for the Ministry of Mines to understand my vision and the potential of my projects, but their support has been invaluable,” she reflects. Triumphs and Challenges in Business Running a gemstone business has been a rollercoaster of highs and lows. One of the most rewarding experiences for Haimanot is witnessing her students’ passion and growth in gemmology. However, challenges remain, particularly the environmental impact of artisanal mining and the persistence of illegal gemstone smuggling. “We strive to educate artisanal miners on safe techniques and the importance of environmental protection,” she states. Vision for the Future Looking ahead, Haimanot envisions expanding her lab services across Africa and establishing an authentic jewelry brand. “I hope to see more African gemologists and cutters emerging in the industry,” she shares. She is particularly excited about developing the jewelry-making aspect of her business, which could foster a new cultural connection to gemstones in Ethiopia. “This is an opportunity to create a significant industry around gemstones that has not been fully explored,” she notes. Reflections on the Journey If Haimanot could speak to her younger self at the start of her career, she would say, “Celebrate your accomplishments, no matter how small. Acknowledge your hard work.” Her journey has taught her that adversity can lead to personal growth and resilience. “I never imagined I would become a pioneer in this industry,” she reflects, noting that challenges have often served as catalysts for transformation. Haimanot Sisay’s story is one of resilience, empowerment, and visionary leadership in Ethiopia’s gemstone sector. As she continues to educate and inspire, her commitment to creating opportunities for future generations shines brightly, illustrating the potential of passion and perseverance in transforming industries and lives. Through her efforts, Haimanot is not only shaping the future of gemmology in Ethiopia but also setting a powerful example for women in male-dominated fields across Africa. 3 COMMENTS Mesfin Kebede September 26, 2024 At 10:12 am በመጀመሪያ የከበረ ሰላምታ አቀርባለው ኃይመኖት ሲሳይ በእውነቱ ይህንን መረጃ ሳነበው እፁብ ድንቅ ተሞክሩ እና እውቀት ነው በርቺ በርቺ ሌላው እኔ ቁጥር ሁለት ላይ የተጠቀሰውን ማለትም ” 2. Gemmology Education: Offering courses for aspiring gemologists.” በከፍተኛ ጉጉት የመማር ፍላጉት አለኝ ይህ ደግሞ ፍላጉቴ በኃይማኖት በኩል የመማር እድል እንደተፈጠረለኝ አምናለው መልካም መልካሙን ለኃይማኖት እና ለምድራችን እመኛለው መስፍን ከበደ ነኝ ከአአ በመጀመሪያ የከበረ ሰላምታ አቀርባለው ኃይመኖት ሲሳይ በእውነቱ ይህንን መረጃ ሳነበው እፁብ ድንቅ ተሞክሩ እና እውቀት ነው በርቺ በርቺ ሌላው እኔ ቁጥር ሁለት ላይ የተጠቀሰውን ማለትም ” 2. Gemmology Education: Offering courses for aspiring gemologists.” በከፍተኛ ጉጉት የመማር ፍላጉት አለኝ ይህ ደግሞ ፍላጉቴ በኃይማኖት በኩል የመማር እድል እንደተፈጠረለኝ አምናለው መልካም መልካሙን ለኃይማኖት እና ለምድራችን እመኛለው መስፍን ከበደ ነኝ ከአአ Abel Alemayehu September 28, 2024 At 2:50 pm I have witnessed firsthand your determination and sacrifices. I am fortunate to be one of the graduates, and your vision has been my inspiration for a long time. I have witnessed firsthand your determination and sacrifices. I am fortunate to be one of the graduates, and your vision has been my inspiration for a long time. Mebratu Takele Tadesse September 30, 2024 At 1:49 am Ms. Haimanot Sisay, I am writing to express my sincere gratitude for the invaluable education I received at your gemological school. Your expertise and guidance have been instrumental in my professional development. I am honored to have been a part of your pioneering work in Ethiopia. Thank you for your dedication and commitment to empowering future generations of gemologists. Sincerely, Geologist and Gemmologist Mebratu Takele Tadesse Ms. Haimanot Sisay, I am writing to express my sincere gratitude for the invaluable education I received at your gemological school. Your expertise and guidance have been instrumental in my professional development. I am honored to have been a part of your pioneering work in Ethiopia. Thank you for your dedication and commitment to empowering future generations of gemologists. Sincerely, Geologist and Gemmologist Mebratu Takele Tadesse Comments are closed.

Ethiopia’s Government Considers Berbera Port for Fuel Imports as Djibouti Depot Faces Capacity Declines

Ethiopia’s Government Considers Berbera Port for Fuel Imports as Djibouti Depot Faces Capacity Declines The Ethiopian government is awaiting a decision regarding the importation of fuel through Berbera Port in Somaliland, a move prompted by ongoing issues with fuel distribution and service capacity at the Horizon Oil Storage Depot in Djibouti. The Horizon depot has seen a reduction in service capacity, leading to disruptions in the fuel supply chain within Ethiopia. Ato Lemesa Tulu, director of oil products marketing research at the Oil and Energy Authority, highlighted that the diminished capacity of the Horizon depot has resulted in a shortfall in fuel availability. “The government doesn’t have a problem buying fuel,” Mr. Lemesa stated, adding that the Horizon depot has not undergone repairs since its establishment 18 years ago, contributing to its current limitations. Ethiopia requires approximately ten million liters of diesel daily; however, shipments from Djibouti have decreased, with only eight million liters being released per day. Mr. Lemesa emphasized the necessity of exploring alternative ports to address this supply issue. He mentioned that research has been conducted to determine how much fuel can be imported through Djibouti, with recommendations to use Berbera Port for the remainder. “Berbera Port has been identified as having adequate service facilities, and a recommendation to utilize this port has been submitted to the government for consideration,” he noted. Without a resolution to the challenges at Djibouti’s port, Mr. Lemesa warned that disruptions in fuel supply could persist into the next year. In addition to the challenges in Djibouti, the Addis Ababa city administration has faced criticism for the slow replacement of gas stations demolished due to corridor development projects. Mr. Lemesa pointed out that the destruction of eight gas stations, including notable ones such as Bole Nok and Bole Brass Total, has left significant gaps in service throughout the city. He stated, “Gas stations are disappearing from downtown. For example, there is no station between Four and Six Kilos, and there is not a single station near the Piazza.” The city’s fuel demand stands at 1.6 million liters per day, and the Oil and Energy Authority has been redistributing gasoline from the Sululta reserve depot to alleviate recent shortages. Getachew Amonwe, Director of Fuel Distribution at the authority, addressed the current fuel supply issues in a statement to ETV. He explained that while 1.6 million liters are being supplied daily, not all gas stations can receive equal distribution. Getachew noted that the visible long lines at gas stations are exacerbated by drivers lining up to fill up their tanks even when they do not need fuel, driven by concerns over potential shortages. Currently, 120 gas stations are operating in Addis Ababa, servicing over 770,000 gasoline vehicles, with many stations facing operational limitations. The Oil and Energy Authority continues to investigate the causes of fuel supply disruptions and is working to implement solutions to ensure a more consistent and reliable fuel supply for the city and surrounding areas. 2 COMMENTS Abadi Tefera September 26, 2024 At 12:54 am The current regime in Ethiopia loves to make empty statements. This is nothing more than the previous empty rhetoric. No one takes this government seriously. The current regime in Ethiopia loves to make empty statements. This is nothing more than the previous empty rhetoric. No one takes this government seriously. Henk van der Vossen September 26, 2024 At 3:29 am Ethiopia could consider using Lamu port in Kenya. Ethiopia could consider using Lamu port in Kenya. Comments are closed.

Zemen Bank Mobilizes Over $500 Million in Foreign Currency During 2023/24 Fiscal Year

Zemen Bank Mobilizes Over $500 Million in Foreign Currency During 2023/24 Fiscal Year Zemen Bank has announced that it successfully mobilized over $500 million in foreign currency during the 2023/24 fiscal year. The bank reported a total of $566 million in foreign exchange mobilization, a notable achievement amid ongoing economic challenges in Ethiopia’s financial sector. Tewahido Tafesse, Chief Strategy and Marketing Officer of Zemen Bank, shared the details during a recent report, noting that the bank’s capital has reached 12.26 billion birr, with total assets growing to 59 billion birr. The bank’s paid-up capital now stands at 7.5 billion birr. At a forum last week, the bank also announced an increase in its legal reserves to 1.7 billion birr. The event recognized more than 200 of the bank’s long-standing customers and partners, including those engaged in sectors such as trade, investment, flower farm development, technology, air transport, hotel management, and tourism. Zemen Bank’s CEO, Dereje Zebene, expressed appreciation for the support from its customers and partners during his remarks at the forum. He emphasized the bank’s ongoing commitment to working with stakeholders as Ethiopia’s financial sector continues to evolve. Zemen Bank currently operates with a network of 127 branches, 293 ATMs, and 801 point-of-sale (POS) machines. The bank’s signed capital has increased to 15 billion birr, while its paid-up capital remains at 7.5 billion birr, alongside its legal reserves of 1.7 billion birr. The mobilization of foreign currency is seen as significant given the broader economic reforms taking place in Ethiopia. Zemen Bank’s ability to attract foreign exchange is viewed as an important factor in supporting both local businesses and the broader economy as the country navigates economic stabilization efforts. Zemen Bank’s latest achievement adds to its 16-year operational history, with the institution continuing to play a role in Ethiopia’s banking sector. The bank’s growing capital base and extensive network position it as a player in the country’s financial services industry, as Ethiopia’s economic landscape continues to develop. 2 COMMENTS Abdulmajid Abagidi Abawaji September 26, 2024 At 12:08 am I will sending money I will sending money Fentahun Agegnehu Gebru September 27, 2024 At 11:58 pm With me My Account With me My Account Comments are closed.

Car Fuel Queues in Addis Ababa: Not a Supply Issue

Car Fuel Queues in Addis Ababa: Not a Supply Issue Recent observations at gas stations across Addis Ababa have raised concerns about fuel availability; however, officials assert that the long lines are not due to a supply problem. Director Getachew Amonne of the Petroleum Authority announced, “We have confirmed that the rally of gasoline trucks in Addis Ababa city is not related to supply.” He explained that up to 1.6 million liters of fuel are being supplied to the city daily. To investigate the causes behind the extended queues at gas stations, the Petroleum Authority has assigned experts to the issue. According to the information gathered by officials, one significant reason for the congestion is that drivers, fearing fuel shortages, are stopping at stations even when they do not need to refuel. Director Amonne noted that there are 120 fuel stations operating in the capital, many of which have gasoline available but are underutilized due to a lack of information. He emphasized that not all fuel stations can expect equal supply on any given day, and the authority is actively collaborating with city administration to enhance public awareness regarding fuel availability at different stations. In summary, while the high demand for fuel in Addis Ababa has led to long queues, officials are confident that supply levels are adequate, and efforts are underway to improve communication about fuel availability to ease public concern.

The End of an Era: Ethio Telecom Phases Out Copper for High-Speed Fiber

The End of an Era: Ethio Telecom Phases Out Copper for High-Speed Fiber Ethio Telecom has announced the launch of its “Copper Switch Off” service, aimed at modernizing wired broadband internet and data-based voice services by transitioning from copper lines to fiber optics. Frehiwot Tamru, the CEO of Ethio Telecom, presented the new service to media professionals, explaining that copper technology has been a cornerstone of the telecommunications industry for over 150 years, and in Ethiopia, it has been in use for 130 years to provide landline telephone services. For the past 20 years, it has also been used to deliver internet services. The “Copper Switch Off” initiative will allow customers to transition from copper to fiber lines at no additional cost. The project is set to benefit 60,000 customers in Addis Ababa and 40,000 customers in regional cities, bringing the total number of beneficiaries to 100,000 in the current fiscal year. Additionally, the company plans to upgrade the services of 10,000 customers by replacing copper lines with fiber networks, particularly in areas undergoing corridor development. With the new fiber network, customers will experience improved performance in applications that streamline operations and simplify daily tasks. The existing fiber network can also be easily upgraded to meet future demands, with capacity increases from 1G to 10G, and even up to 50G by adjusting the fiber modules. The initiative will also play a crucial role in supporting mission-critical services such as cloud and edge computing, IoT, artificial intelligence, entertainment, digital agriculture, healthcare, education, and smart home technologies. This national project, which requires significant investment, is expected to fully transform Addis Ababa’s copper network within the next three years, with a plan to cover major regional cities in five years and further extend to zonal and district cities across the country.

Ethiopia Launches First-Ever Livestock Transport by Train to Djibouti

Ethiopia Launches First-Ever Livestock Transport by Train to Djibouti For the first time, Ethiopia has started transporting livestock by train to Djibouti. Chief Executive Officer of the Ethio-Djibouti Railway Joint Stock Company, Engineer Takele Uma, announced the launch of the railway transport service for livestock from Adama to Djibouti. Engineer Takele Uma recalled that previously, railway transport was only used for importing goods into the country. He stated that this new service will enhance Ethiopia’s export capacity. He added that the Ethio-Djibouti railway through Adama will boost the export of quality meat products to international markets and help reduce traffic congestion. In a post on his social media page, Engineer Takele Uma emphasized that the introduction of this service demonstrates Ethiopia’s commitment to conducting efficient and sustainable business in the sector. 3 COMMENTS Ittu Aba Farda September 24, 2024 At 7:55 am This is great news. But in another outlet I just read latest news coming out of Mogadishu about a ship docking there with shipment of heavy military arms from Egypt. The concern about this shipment of multi grade weapons is understandable. The Horn of Africa is awash with all sorts of military hardware already. Egypt’s proliferation of military grade weaponry to the region is not new. It goes back to the early 1960’s; call it attention grabber or some kind of act of intimidating black folks. My question is what does the AU think about this? It is too obvious that Somaliland’s citizens will never accept someone from Mogadishu to tell them how to run their 33 years old self-governance. The leaders of Ethiopia seem to be hell bent in acquiring a port come what may. What I just heard is they have already begun creating a corps of naval force starter with France’s assistance. The officials camping out at Villa Mogadishu are equally committed to recreate the years between 1969 and 1978. Who is going to incarnate Siad Barre and who is going to be the Galmudug’s own son Abdirashid Ali Sharmarke is something to be left to anyone’s imagination. Beside all this wiggling and machination, there is one possibility that has started depriving me of sleep. These connivers may be able to pitch the youth of Somalia against its contemporary in Ethiopia leading to another senseless and destructive bloodshed. If that happens I will be holding both PM Abiy and President Hassan Sheikh Mohamud responsible for any loss of lives and property. They can move their jaws all day and all night long calling each other names but they should not even think about leading the current issues into stupid and senseless violence. Don’t you dare, you two!!!! Don’t you dare!!!! This is great news. But in another outlet I just read latest news coming out of Mogadishu about a ship docking there with shipment of heavy military arms from Egypt. The concern about this shipment of multi grade weapons is understandable. The Horn of Africa is awash with all sorts of military hardware already. Egypt’s proliferation of military grade weaponry to the region is not new. It goes back to the early 1960’s; call it attention grabber or some kind of act of intimidating black folks. My question is what does the AU think about this? It is too obvious that Somaliland’s citizens will never accept someone from Mogadishu to tell them how to run their 33 years old self-governance. The leaders of Ethiopia seem to be hell bent in acquiring a port come what may. What I just heard is they have already begun creating a corps of naval force starter with France’s assistance. The officials camping out at Villa Mogadishu are equally committed to recreate the years between 1969 and 1978. Who is going to incarnate Siad Barre and who is going to be the Galmudug’s own son Abdirashid Ali Sharmarke is something to be left to anyone’s imagination. Beside all this wiggling and machination, there is one possibility that has started depriving me of sleep. These connivers may be able to pitch the youth of Somalia against its contemporary in Ethiopia leading to another senseless and destructive bloodshed. If that happens I will be holding both PM Abiy and President Hassan Sheikh Mohamud responsible for any loss of lives and property. They can move their jaws all day and all night long calling each other names but they should not even think about leading the current issues into stupid and senseless violence. Don’t you dare, you two!!!! Don’t you dare!!!! Ittu Aba Farda September 24, 2024 At 11:16 am One more development is of a serious concern is the escalation and spread of the conflict in the Middle East. The war has now spread between the terrorist group in Southern Lebanon and Israel. I am being told that there thousands of Ethiopian women who live Lebanon as domestic workers including in the area where the fighting is raging now. Let’s have our daughters and sisters in our thoughts and try to help them in every legal way possible. May The Good Lord Watch Over Them!!! One more development is of a serious concern is the escalation and spread of the conflict in the Middle East. The war has now spread between the terrorist group in Southern Lebanon and Israel. I am being told that there thousands of Ethiopian women who live Lebanon as domestic workers including in the area where the fighting is raging now. Let’s have our daughters and sisters in our thoughts and try to help them in every legal way possible. May The Good Lord Watch Over Them!!! Gregory September 25, 2024 At 11:59 am This about livestock and you positioned to geopolitical tensions between neighboring states. It’s important but stick to topic saxiib This about livestock and you positioned to geopolitical tensions between neighboring states. It’s important but stick to topic saxiib Comments are closed.