2merkato

The National Insurance Company of Ethiopia registered 25.2 million in profit before taxes for the previous financial year. The profits recorded by the insurer have increased four times over in the last twenty years according to sources.

The company’s before tax returns had been no more than 5 million birr in the past years according to Tewdros Bogale, Deputy General Manager of Corporate Affairs with the NICE.

The insurance company’s net profit after taxes was nearly 18 million birr enabling it distribute 1096 birr per share to its shareholders.

The Indian oil producing Pongamia tree is being marketed under the trademark ‘Vayusap.’ The plant promoted as a Wonder plant is being marketed by the Vayugrid Marketplace Services plc.

The strain being marketed in Ethiopia is a high yield, genetically selected form of the Pongamia plant resistant to a range of negative weather conditions and is tolerant to poor quality soil types according to Vayugrid.  

The oil from the plant has a range of potential uses in the production pharmaceuticals and bio fuels explained Douglas M. Petersen, Chief Executive Officer of Vayugrid Marketplace Services.

The castor seed development project initiated by Agropeace plc has launched a full scale plantation on six hectares of land according to sources. The agro investment company established by six Israeli investors aims to produce export quality seeds in three month cycles.

Agropeace has been conducting a pilot for the project in Somali Region within local communities for the past four years. The pilot project involved testing a variety of castor seed types with 46 people representing 22 households in the community taking part in the project said Anteneh Gelaye, Chief Operation Manger for the Pilot Project.

The 8th African Development Forum is to be held in the Ethiopian capital, Addis Ababa. The ADF-VIII conference will be held from the 23rd to the 25th of October under the theme of ‘Governing and Harnessing Natural Resources for Africa's Development.’

The forum is a biennial event established in 1999 to serve as a platform for multi-stakeholder discussion, debate, and for initiating strategies towards the development of Africa.

The forum is a cooperative effort of the African Development Bank, the African Union Commission and other partners in an effort to establish an African-driven development agenda reflecting consensus and leading to specific programs.