Commercial Bank of Ethiopia (CBE) has resumed services in Shire, Alamata and Korem

Commercial Bank of Ethiopia (CBE) has resumed services in Shire, Alamata and Korem Commercial Bank of Ethiopia (CBE) has resumed services in Shire, Alamata and Korem following the recent peace agreement. The bank noted that it was also forced to suspend banking services due to instability in northern Ethiopia. Following the recent peace agreement, the branches in Shire, Alamata and Korem towns have started receiving and depositing foreign and domestic funds. Commercial Bank of Ethiopia (CBE) announces that it will continue to satisfy its customers by launching services at all branches in the near future.

Its Official : Ethiopian Airlines Announced As Partner For Nigeria Air

Its Official : Ethiopian Airlines Announced As Partner For Nigeria Air The Nigerian Government announced that Ethiopian Airlines, Africa’s most prominent air carrier, was selected as a strategic partner and 49% shareholder of Nigeria Air. A breakdown of stakes showed that Ethiopian Airlines would own 49 % equity, the federal government would control 5 % equity, while a consortium of three Nigerian investors, MRS, SAHCO, and other institutional investors will have 46 %. The stakeholders involved Speaking during a press conference in Abuja, the Minister of Aviation, Hadi Sirika, noted that after a careful, detailed, and ICRC-governed selection process, Ethiopian Airlines (ET) Consortium has been selected as the preferred bidder for Nigeria Air. He noted that the consortium will be subjected to a due diligence process, after which the contract will be negotiated between the consortium and the FGN, leading to a Full Business Case, which will be expected to be approved Federal Executive Council (FEC). The process, according to the minister, will take off in six to eight weeks. Fleet and first routes The overall share capital of around $300 million will be provided by the preferred bidder that will launch Nigeria Air to its full size of 30 aircraft and international operation within the next two years. Nigeria Air will be launched with three Boeing 737-800 in a configuration very suitable for the Nigerian market. It will launch with a shuttle service between Abuja and Lagos to establish a new comfortable, reliable, and affordable travel between these two major Nigerian Airports. Other domestic destinations will follow thereafter. According to the Minister of aviation, “A signature-ready contract has been finalized with Ethiopian Airlines for the three Boeing 737-800 with a 16 Business Class and 150 Economy Class configuration.” The approval process and recruitment All executives have been approved by NCAA (Nigeria Civil Aviation Authority), and the Air Transport License has also been issued. Nigeria Air (having identified the first three aircraft) will finalize all necessary Operation Manuals and then go through the inspection and approval process of NCAA. The money spent for the launch of Nigeria Air, for all the requirements to establish an AOC ( Air Operators Certificate) and be admitted to starting an airline operation as prescribed in the FEC-approved Outline Business Case (OBC), is well within the 5 % capital investment of the Federal Government of Nigeria. The minister added, “No further federal government funding will be provided above the five percent share capital of the next national Carrier of Nigeria, which was provided to launch Nigeria Air.” The airline has already begun its recruitment process, announced in a memo posted to the official Twitter account of the Federal Ministry of Aviation at the end of last week. The memo reads, “Nigeria Air is now recruiting qualified crew for the following positions: Experienced, and current B737 Captains; Experienced, and Current B737 First Officers; Experienced, and Current B737 Senior Cabin Crew and Cabin Crew Experienced, and Current B737 Engineers (B1/B2 preferred).” The announcement adds that positions will be based in Abuja or Lagos and that additional details of open positions will be available soon on the airline’s website. Tags ethiopian airlines nigeria air

Ethiopia cancels gas, oil exploration contract with Chinese firm

Ethiopia cancels gas, oil exploration contract with Chinese firm ADDIS ABABA, Ethiopia Ethiopia has canceled its contract with a Chinese company exploring oil and gas in the country since 2013, the government announced on Wednesday. Takele Uma, Ethiopia’s minister of mines and petroleum, said the deal with Chinese firm Poly-GCL was called off because of its “financial and organizational inability” to develop gas in the Ogaden Basin, a resource-rich area in eastern Ethiopia, according to state-affiliated news agency Walta. The report said Poly-GCL was issued a letter of ultimatum in March that listed several conditions for the company to fulfill. “In accordance with the successive notices the Ministry has issued in the past and in full compliance with the PPSAs and the laws of the land, the termination has now been fully effected,” Takele said on Twitter. “As long as the financing that would enable to develop the oil and gas fields the Ministry is open for mutual and expeditious settlement,” he added. Takele had previously hinted that Poly-CGL’s contract would be terminated, saying that Ethiopia was actively searching for international companies that could develop the Ogaden’s confirmed reserves of 7 trillion cubic feet of natural gas.

Nigeria Set To Choose Ethiopian Airlines As Core Investor Of New Flag Carrier

Nigeria Set To Choose Ethiopian Airlines As Core Investor Of New Flag Carrier Nigeria has confirmed that Ethiopian Airlines has been chosen as the core investor and partner for the country’s new flag carrier. Nigeria Air has been in the works for a while now and has slowly been approaching a full launch, pending support from partners. Ethiopian is Africa’s largest carrier and has shown a willingness to invest in new startups recently. Ready to take off? According to ThisDay, Nigeria’s federal government has formally chosen Ethiopian Airlines (Ethiopian) as a partner for the long-awaited Nigeria Air. The deal includes a 49% equity share for the airline, joined by 5% from the government since the project is set to be private-public. Notably, Ethiopian is sticking to its policy of not investing cash into a new business. Instead, the airline will leverage its technical prowess, an abundance of aircraft, and management skills to establish Nigeria’s first flag carrier in years. While yet to be formally confirmed, an initial pool of pilots is set to arrive in Addis Ababa for basic training for certification on the Boeing 737NG. According to one source close to the Ministry of Aviation, Ethiopian was the only airline that bid to lead the new flag carrier. Despite that, the choice was likely a good one, adding that, “Ethiopian Airlines has the equipment needed for the start-up of the new national carrier, Nigeria Air. It has many Bombardier Dash 8 aircraft, which would be the equipment that would be deployed with additional deployment of few Boeing B737 NG aircraft. The airline is most prepared to support the Nigerian government actualise its national carrier ambition.” Finally happening Nigeria Air was first announced in the summer of 2018 at the Farnborough Air Show but suspended a few months later in November. Fast forward four years, and the carrier was once again on the radar, with several players, including Qatar Airways, rumored to run the new operation. In June, the airline received its Air Transport License (ATL) from the Nigerian Civil Aviation Authority (NCAA), a precursor to the all-important Air Operators Certification (AOC). The next step was finding a partner to run the airline, which is now reportedly completed with Ethiopian Airlines’ appointment.

TPLF announced a separate ceasefire

TPLF announced a separate ceasefire The Government of Tigray’s Stance on a Peaceful Resolution of the Current Conflict Today, September 11, 2022, Ethiopians in and outside the country are celebrating the advent of the New Year. It is the Government of Tigray’s solemn desire to see Ethiopians in general and the people of Tigray in particular to no longer hear the sound of gunfire, the blockade of essential services and humanitarian aid, and associated pain and suffering. To that end, the Government of Tigray is prepared to participate in a robust peace process under the auspices of the African Union (AU). Furthermore, we are ready to abide by an immediate and mutually agreed cessation of hostilities in order to create a conducive atmosphere. Indeed, the Goverment of Tigray has repeatedly called for, and worked towards, the peaceful resolution of the current conflict. The Government of Tigray’s prior unilateral compliance with the cessation of hostilities is a case in point. We expect a credible AU-led peace process. This peace process will also include mutually acceptable mediators; international observers who will help the parties build mutual trust, instill confidence in the peace process, and support and oversee the implementation of commitments; and international experts to provide necessary guidance and advice on the integrity of the peace process. We are convinced that only through peaceful dialogue can we achieve a lasting solution to this tragic conflict. Following a cessation of hostilities, the next step is to finalize a comprehensive negotiated ceasefire, and an all-inclusive political dialogue to resolve issues underlying the current conflict. The Government of Tigray has set up a negotiation team ready to be deployed without delay. This team, which includes Getachew Reda and Gen. Tsadkan Gebretinsae has already been given the mandate to represent the Government of Tigray in future negotiations. In the spirit of our New Year and a fresh start, let us end the fighting, give peace a chance and start on a path towards peace and prosperity. 1 COMMENT Ittu Aba Farda September 12, 2022 At 1:52 am All I can wish and say is ‘Let there be peace!’ Insha’Allah!!! Happy New Year Y’all!!! All I can wish and say is ‘Let there be peace!’ Insha’Allah!!! Happy New Year Y’all!!! Comments are closed.

Council of Ministers approved the opening up of the banking sector to foreign investors

Council of Ministers approved the opening up of the banking sector to foreign investors The draft policy that was proposed to councils of ministers lifts the restriction of the opening up of the banking sector to foreign investors. Which is aimed at supporting the services of the sector with knowledge and technology, moving the country’s economy to a higher level, to increase the competitiveness, effectiveness, and efficiency of the financial sector.

The first research document that informs the amount of reserves of natural gas and crude oil in Ethiopia has been released

The first research document that informs the amount of reserves of natural gas and crude oil in Ethiopia has been released The first research document that informs the amount of reserves of natural gas and crude oil in Ethiopia has been released The first scientific study that informs the actual amount of crude oil and natural gas reserves in Ethiopia and suggests how to extract them has been released. Ministry of Mines Engineer Takele Uma said that the study was conducted for four months. It is stated that the American company “Netherlands Seawell and Associates” conducted the study. A document containing the amount of natural gas in the country and its economic viability was handed over to the ministry today. At the handing over of the document, Engineer Takele Uma pointed out that in the past, only oil and natural gas reserves existed. Still, the amount was not known, so the resource data were manipulated by various companies. Therefore, he said, this technology solves this problem and creates accountability, making it the first in the history of Ethiopia. He said the document we received today is a step forward in our national plan to develop natural gas and crude oil. This document is a certificate of verification of Ethiopia’s natural gas volume and economic viability. They said that it would also enhance the government’s bargaining power. I believe it will be a good warning to those who are holding our wealth captive with false information, the minister said, thanking everyone who participated in the work. He pointed out that work is being done to convert the document into action, and said that the issue of its conversion into action will be determined by the speed of our work. 1 COMMENT Ittu Aba Farda August 27, 2022 At 11:24 pm This news of huge untapped reserves natural gas and crude oil has been around going back to my school days in the 1960’s but nothing has come out to fruition. It was discovered during the late emperor’s days but it was forced to be moth balled due to security reasons. Watch now this Ethiopia hater bigot and former member/fanatic supporter of WSLF moaning and daydreaming about his own ‘republic’ fiefdom there. But first he is looking for some lackeys from among my Oromos to re-incarnate his late uncle Ziad Barre’s creation of Somali Abbo Front. You watch him ‘planning’ his grand scheme sitting by the beach there. This news of huge untapped reserves natural gas and crude oil has been around going back to my school days in the 1960’s but nothing has come out to fruition. It was discovered during the late emperor’s days but it was forced to be moth balled due to security reasons. Watch now this Ethiopia hater bigot and former member/fanatic supporter of WSLF moaning and daydreaming about his own ‘republic’ fiefdom there. But first he is looking for some lackeys from among my Oromos to re-incarnate his late uncle Ziad Barre’s creation of Somali Abbo Front. You watch him ‘planning’ his grand scheme sitting by the beach there. Comments are closed.

Ethiopia expects IMF visit in September – Finance Minister official

Ethiopia expects IMF visit in September – Finance Minister official LONDON (Reuters) – Ethiopia expects an IMF mission to visit in September, following a visit by the Fund three months ago, a finance ministry official said on Tuesday, noting that an IMF program was necessary to restructure its debt. Ethiopia expects an IMF mission to visit in September, following a visit by the Fund three months ago, a finance ministry official said on Tuesday, noting that an IMF program was necessary to restructure its debt. Ethiopia’s bilateral creditors, co-chaired by France and China, first met in September 2021 but progress on debt relief has been complicated by a 21-month civil war that began in the northern Tigray region. The bilateral creditor discussions, held under the G20’s Common Framework debt restructuring process, were “stellar” but the newness of the process had contributed to delays, Brook Taye, a senior adviser at Ethiopia’s ministry of finance, said at a virtual event hosted by the African Development Bank. Tags imf

Chinese companies to develop new industrial park in Ethiopia

Chinese companies to develop new industrial park in Ethiopia ADDIS ABABA, Aug. 11 (Xinhua) — The Ethiopian Investment Commission (EIC) on Wednesday signed an agreement with China’s WODA Metal Industry Private Limited Company (PLC) and its partners to build an industrial park in Ethiopia. The agreement involves the upgrading of the WODA Metal Industry PLC into WODA Industrial Park with an outlay of 95 million U.S. dollars at Sebeta town on the outskirts of the Ethiopian capital Addis Ababa. Daniel Teressa, EIC Deputy Commissioner, told Xinhua after the agreement signing ceremony that WODA Industrial Park will have a significant contribution in terms of creating job opportunities, upgrading the industrial foundation and generating the much needed foreign currency to the east African nation. “It is a huge investment that will create a lot of job opportunities and provide a big boost to the country’s export earnings and import substitutions,” said Teressa, adding that the industrial park will also serve as a platform to transfer technology to locals. The industrial park to be jointly developed after the end of Ethiopia’s current rainy season by two Chinese companies – WODA Metal Industry PLC, Diyuan Ceramics PLC and a Japanese firm called Alpha, is expected to create up to 17,000 job opportunities for local people, according to the EIC. Noting that the park developers have been investing in Ethiopia for a long time with rich business experiences and networks in the eastern African market, the deputy commissioner said the new investment is anticipated to attract at least 400 million U.S. dollars of investment. When it gets fully operational, WODA Industrial Park is set to manufacture electric vehicles, rubber, home appliances and power equipment and supply them to the Ethiopian and east African market. “In the near future, we are going to manufacture high-end products, chiefly electric vehicles, home appliances, rubber and electric batteries,” Cui Xiguang, founder of WODA Industrial Park and general manager of WODA Metal Industry PLC, which is engaged in the building of power transmission towers, structures and manufacturing of cables and galvanized products. Cui is optimistic that the electric vehicle assembly business would be lucrative as the auto industry in the eastern African region is at its infancy stage and that the government of Ethiopia supports the development of electric vehicles through its preferential policies. “We will be focusing not only on the Ethiopian market but also the whole eastern African market. There is a big population and a big market,” Cui added. Official reports indicate that Ethiopia relies heavily on imports of tires and power distribution equipment, in which the WODA Industrial Park, once operational, is expected to help Ethiopia get the products locally through recycling of waste tires using new technology.