The third phase of the Renaissance Dam filling to begin in July

The third phase of the Renaissance Dam filling to begin in July The third phase of the Renaissance Dam filling is expected to begin in July Testing of the second turbine has already begun. It has been almost three months since the first turbine start generating power. A senior official of the Renaissance Dam, who spoke on condition of anonymity, told The Reporter that the flow of water into the dam has been increasing since mid-June. He said work is underway to increase the height of the dam to accommodate the expected amount of water entering the dam this year. He said the maximum amount of water will be seen in August, as the water level varies and increases in the months following the onset of winter. He expressed hope that the required amount of water would be available in July and that the water would flow to the dam in August. Tags ethiopian news ethiopian news today Ethiopian Newspaper GERD Great Ethiopian Renissance Dam

Black Market exchange depreciating after NBE reduced its presence in Togo-Wuchale

Black Market exchange depreciating after NBE reduced its presence in Togo-Wuchale The black market is depreciating sharply following the National Bank’s move Last week, the National Bank of Ethiopia (NBE) decided to reduce the number of bank branches in Togo-Wuchale, a border town, according to local sources. The town of Togo, located on the border between the Somali region and Somaliland, is known for its border trade and illegal trade. The National Bank of Ethiopia (NBE) has said that the role of banks is playing a role in the expansion of illicit trade. As a result, local bank branches have been downgraded to curb illegal activities. As a result, the banks will only be able to deposit and withdraw money for local residents. Transferring, financing, and providing foreign exchange services will not be permitted under the ban. Sources familiar with the matter say the trade has shifted to the southeastern border town, especially after the government imposed a tax on luggage from Dubai. According to sources, there has been a significant increase in the amount of luggage being transported through Jijiga Airport to the interior. One of the reasons for this is that the previous importers from Dubai will receive the goods through Jijiga, their partner, and the goods will be shipped via Togo, via Togo. As a result, there has been an increase in remittances to the border town, according to sources. However, he said that with the new system implemented by Ibba since last Thursday, the movement has been weakening. According to sources at Jijiga Airport, the number of merchants and freighters has declined sharply over the weekend. According to a check by Capital on Sunday, no traders were seen on the four flights departing from Jijiga on Saturday. According to sources, the government may study the illegal trade with the cooperation of customs officials. However, NBE decision has also significantly reduced the illegal currency market. In Togo, the price of a dollar fell from 82 birr on Thursday to around 72 birr the next day and to 67 birr on Saturday, the second day of the new system. The parallel exchange rate is also said to be declining across the country. Tags blackmarket exchange ethiopian news

ZayRide won a legal battle over Hybrid (Ride)

ZayRide won a legal battle over Hybrid (Ride) ZayRide won a legal battle over Hybrid (Ride). Two years ago Ride sued Zayride for using the word Ride in their brand. The court battle resulted in the suspension of Zayride Bank account. ZayRide is an on-demand taxi and ambulance dispatching application that connects riders and drivers. It also has a delivery service. Tags Feres ride zayride

Ministry of Innovation & Technology Sets Up More than 16 Tech Hubs

Ministry of Innovation & Technology Sets Up More than 16 Tech Hubs Ministry of Innovation and Technology says more than 16 technology incubation centers have been set up in different cities of the country. More than 16 technology incubation centers have been set up in Addis Ababa and other regional cities, according to the Ministry of Innovation and Technology. The new science, technology and innovation policy has created a conducive environment for private incubation centers to play a leading role, he said. More than 16 incubation centers have been set up in Addis Ababa and other regional cities to promote creative, market-oriented people, he said. He said five of these centers are operating in Addis Ababa. He said most of the centers outside are run by the regional science, technology and innovation bureaus. He said government incubation centers will be equipped with digital libraries and workshops to promote the culture of science, technology and innovation. He said one or more incubation centers have been set up in most regions. In addition to the incubation centers to be built in each region, a new study is underway in educational institutions, civil society and government institutions to develop new practices that will significantly enhance the culture of science, technology and innovation and improve the innovation ecology, he said. He said private sector incubation centers, one of the key players in the innovation ecosystem, are working hard to bring creative people to production and services. He said the expansion of private incubation centers is a priority and recommended at the Ethiopian level. In particular, he said, a number of creative young people and young people have been helped in collaboration with existing incubation centers such as XHub, Iceaddis and Blue Moon. He said the incubation centers are being created with the support and care of various creators to create innovative ideas for the business. He also said that by connecting with various universities and industries, it will enable young people to gain experience.

National Bank of Ethiopia vows to take action on crypto-traders

National Bank of Ethiopia vows to take action on crypto-traders The Bank urges the public to beware of such illegal activities as the use of digital currencies such as cryptocurrencies, bitcoin and other currencies in Ethiopia is not recognized by the National Bank of Ethiopia. The National Bank of Ethiopia (NBE) has issued a proclamation stating that the currency of Ethiopia is Birr and all financial transactions in the country will be paid in Birr unless otherwise authorized by the National Bank of Ethiopia. According to Payment System Proclamation No. 718/2003, no money transfer or financial services may be provided without the approval of the National Bank of Ethiopia. However, research shows that cryptocurrencies such as Bitcoin, Bitcoin, etc., are now being widely used in Ethiopia. It is also understood that this practice is creating a favorable environment for large-scale money laundering without the approval of the National Bank, and in particular for money laundering. The public said the public should be protected from such illegal activities as the use of virtual currency for trading or payment is not recognized by the National Bank of Ethiopia. He said the National Bank of Ethiopia (NBE) would take legal action against the perpetrators and called on the public to report any wrongdoing to the NBE and other relevant law enforcement agencies. 6 COMMENTS Comments are closed.

Ethiopian Airlines signed partnership with Israel Aerospace Industries (IAI)

Ethiopian Airlines signed partnership with Israel Aerospace Industries (IAI) Ethiopian Airlines signed an agreement with Israel Aerospace Industries (IAI) to set up a conversion center in Addis Ababa. The new IAI facility will serve as an extension of Ethiopian’s MRO center, allowing it to convert Boeing 767-300 airliners into cargo aircraft. According to IAI’s press release, the new site is going to become the largest conversion facility in Africa. It is the company’s third such center, the other two being located in Tel Aviv and Mexico. Ethiopian Airlines has a long history of operating and maintaining the Boeing 767, and although only three such jets remain in the carrier’s fleet, the company has flown the model continuously since 1996. According to Ethiopian Airlines Group CEO Tewolde GebreMariam, the new facility’s first job is going to be converting the carrier’s three remaining 767s into freighters, before expanding the services to other airlines in the region. The onset of the COVID-19 pandemic has reduced the scope of passenger operations for most of the world’s airlines, while increasing the demand for cargo. As a result, many airlines chose to convert their existing passenger aircraft into freighters, greatly increasing the demand for conversion services. Tags ethiopian airlines

Ministry of Mines Inaugurated State of The Art Gallery

Ministry of Mines Inaugurated State of The Art Gallery Ethiopian Mining Gallery inaugurated by the Ministry of Mines.Members of the diplomatic community, industry and investors, as well as senior government officials, including German Ambassador Stephen Urn, attended the graduation ceremony. State Minister of Mines Million Matthews said mining is a major growth option. He said the gallery, which will be open to the public from today onwards, will play a significant role in boosting the sector. The Ethiopian Minerals Gallery is a state-of-the-art data warehouse that allows visitors to easily understand Ethiopia’s mineral resources by type and location. It is also designed in such a way that the higher education institutions of the research institutes visit the gallery to gain knowledge about minerals. It will also be used as an input for investors in the mining sector. The mining gallery is one of the products of the institute’s renovation work and it is known that it took half a year to organize the gallery. According to the State Minister, the support of mining companies to organize the gallery is huge. According to ENA, the Minister of Mines, Takele Uma, has given recognition and awards to companies engaged in the mining sector and contributing to the establishment of the gallery. Tags ministry of mine takele uma

Bethlehem Tilahun Inducted into the Global Business Hall of Fame

Bethlehem Tilahun Inducted into the Global Business Hall of Fame Bethlehem founded soleRebels when she saw skilled artisans in her community in Zenebework living with chronic unemployment. soleRebels allows them to showcase their skills and provides sustainable jobs. Since it opened in 2005, soleRebels has flourished. The company has grown to 300 employees in Ethiopia, and products are distributed to 30 countries worldwide, including through Whole Foods, Urban Outfitters, and Amazon. The company plans to open franchise and company-owned stores in Austria, Switzerland, Taiwan, and the UK. Creating well-paying jobs to help her community and her country prosper has always been at the heart of Bethlehem’s entrepreneurial ventures. Through soleRebels, she’s able to employ artisans and natural resources to do just that, as well as promote Ethiopia by creating and selling the traditional recycled tire-sole shoe style, known locally as the seleate or barabasso. By 2016, soleRebels had sold 125,000 pairs of shoes and created 1,200 jobs. 1980 Born (Ethiopia) Born (Ethiopia) 2005 Founds soleRebels Founds soleRebels 2011 Chosen as a Young Global Leader by the World Economic Forum Chosen as a Young Global Leader by the World Economic Forum 2012 Named to Forbes 100 Most Powerful list and designated a “Woman to Watch” Named to Forbes 100 Most Powerful list and designated a “Woman to Watch” 2017 Founds Garden of Coffee Founds Garden of Coffee 2022 Inducted into the Global Business Hall of Fame Inducted into the Global Business Hall of Fame Bethlehem launched The Republic of Leather in 2014 because she believed the luxury leather goods industry needed to be reimagined. Besides espousing the same ideals of ecological and economic sustainability as soleRebels, The Republic of Leather is centered on principles of customer choice and maker support, with 5% of the purchase price going back to both the producer and charity. In 2017, Bethlehem founded artisan coffee roaster Garden of Coffee to celebrate Ethiopian coffee heritage and culture by providing the highest-quality hand-roasted coffee in the world. CNN Money called it “Africa’s answer to Starbucks” and said Bethlehem built “Ethiopia’s first global coffee brand by applying her ethical ethos.” In 2022, Garden of Coffee is poised to open over 100 interactive roastery cafes in China. She is also the founder of perimeter consulting, which provides strategic consulting services, and Made by Ethiopia, a groundbreaking public-private partnership transforming Ethiopia’s footwear and leather export sector. Through Made by Ethiopia, Bethlehem has helped create over 100,000 new job opportunities and more than US$1 billion in export revenue. Her other business ventures include payment and ecommerce platform Giza digital, snack startup NoodFoods, and food brand TeffTastic. In May 2021, Bethlehem launched Selam Bank. With US$116.3 million in capital, Selam Bank aims to create the largest generation of homeowners in Ethiopian history. In 2011, the World Economic Forum named Bethlehem a Young Global Leader. In 2012, Forbes included her on its 100 Most Powerful list and lauded her as a Woman to Watch, Business Insider listed her among Africa’s Top 5 Female Entrepreneurs, and Arise Magazine named her among 100 Dynamic Women who are shaping modern Africa. Fast Company ranked her on its 100 Most Creative People in Business in 2013, she served as a counsellor at the One Young World Summit, and readers of The Guardian named her one of Africa’s Top Women Achievers. In 2014, Bethlehem was named as one of CNN’s 12 Female Entrepreneurs Who Changed the Way We Do Business. Bethlehem’s businesses have provided employment and economic prosperity to her community. Through principled entrepreneurship, she works to dispel myths and stereotypes surrounding economics, entrepreneurship, and culture in Ethiopia.

Private commercial banks are charging up to 30 Birr per US dollar to allow foreign exchange

Private commercial banks are charging up to 30 Birr per US dollar to allow foreign exchange Private commercial banks are charging up to 30 Birr per US dollar to allow foreign exchange for their importing customers, according to Wazema Radio. According to the importers , the official sale price of one US dollar is 52 birr to 64 cents to be approved by foreign commercial banks. The sale of foreign exchange is also taking place by linking foreign exchange brokers with other foreign bank customers. The commission for each foreign exchange will also be divided between the banks and foreign exchange holders. The fact that the commission pays more than 50 percent of the official exchange rate is a sign of the country’s severe foreign exchange deficit. The National Bank of Ethiopia (NBE) has also ordered the commercial banks to deposit 70 percent of their foreign exchange earnings. The balance of payments made by Ethiopia during the current fiscal year shows that Ethiopia owes a lot to foreign countries, and a report released by the United Nations Development Program (UNDP) in March shows that Ethiopia has a deficit of $ 5.2 billion in the first five months of the fiscal year. Sources close to the case say that the global dollar supply crisis and the effects of the war in the North have combined to weaken the dollar. A few months ago, foreign exchange seekers were charged about 16 birr per US dollar. Experts say that the increase in commissions at this level in the near future will likely lead to further inflation in favor of imported goods. The government’s previous devaluation of the Birr, coupled with the political crisis and the global financial crisis, has pushed Ethiopia’s inflation out of control. With the exception of the Letter of Credit, foreign exchange traders were allowed to import basic commodities at Franco Valta, there was no change in the price of basic commodities. According to the Central Statistics Office in April, inflation was 34 percent and food prices were 42 percent. Tags abyssinia bank Dashen Bank ethiopian news wazema radio