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The Ethiopian Chapter of Women Entrepreneurs was launched on the eve of the 12th African Growth and Opportunity Act (AGOA) forum, which took place from 9-12 August, 2013, in Addis Ababa, Ethiopia.

The Ethiopian Chapter of Women Entrepreneurs was founded by fifty Ethiopian women entrepreneurs gathered at the headquarters of Enat Bank. Samrawit Moges, current president of the Alliance for Women Entrepreneurs Ethiopia Chapter, told The Reporter that the launching coincided with the summit to increase promotion and communications. Add a comment Add a comment

The National Bank of Ethiopia has extended the launch of its CORE banking solutions by two months, Ethiopia's weekly business paper Fortune reported. NBE has contracted Polaris Financial Technology Ltd., an Indian company for US$3.4 million to replace its outdated Bank Master system with a new CORE banking system called Intellect.

The upgrade is required for compatibility with the National Payment System (NPS) and the new bank reporting system, according to the reports of Fortune. The Central Bank delayed the deployment of the new system as a result of the complexity of the task and Polaris' delay in undertaking analysis of the old system, Fortune reported citing the NBE's Public Relations and Communications director, Dereje Asegdew. Add a comment Add a comment

The Ethiopian Commodity Exchange (ECX) said it transacted 2.65 million metric tons of commodities over the past five years. According to a statement posted on its website, the total sum of all commodities traded at the ECX has reached 90 billion Ethiopian birr.

The number of trading members has increased to 329 during the reported period from 100 in 2008, when it commenced operation, it said. ECX has managed to increase the number of delivery centers and settlement banks to 17 and 11 respectively. Add a comment Add a comment

Saro-Maria, a four star hotel, was inaugurated on Tuesday, 30 July, 2013. in Addis Ababa, Ethiopia. The city is seeing growing demand for hotel accommodation. Addis Ababa has only 110 hotels with fewer than 5,500 rooms. The city’s top 10 hotels currently show occupancy rates in excess of 90 percent, Capital reported.

“Clearly, this new facility has been created as a result of an increasing potential for mid-scale flag properties, after the emergence of brands like the Sheraton, Hilton, Marriot and Radisson Blu secured footholds in the market”, Saro-Maria’s general manager, Samuel Omalla told Capital. Add a comment Add a comment