Latest Business Alerts

African EXIM Bank to Convene its Meeting in Ethiopia

The African Import and Export Bank (African EXIM Bank) is planning to convene its annual general assembly in Addis Ababa, Ethiopia in May.
The bank's general assembly meeting will be held as a sideline event of the Diamond Jubilee of the African Union which will take place in May 2013 in
Addis Ababa, Ethiopia.

The African Export Import Bank (the “Bank”) was established in Abuja, Nigeria, in October 1993 by African governments, African private and institutional
investors as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extra- African trade. Add a comment Add a comment

Access to Liquidate Some of its Properties

Access Real Estate S.C is liquidating parts of its real estate assets it acquired in different location the Addis Ababa to finance its ongoing projects.

Ermias Amelga, CEO of Access Real Estate told Capital “In the last two years we bought over 30 assets in different areas of the city in view of developing them. However after we started our first projects that are about 11, we faced difficulties due to many reasons and we decided to sell the assets that we are not going to develop in the next coming years,” Ermias said in a phone interview from Dubai.

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Ethiopian Sugar Corporation Completing Construction of Wonji Shoa Sugar Factory

The Ethiopian Sugar Corporation announced the new sugar production plant at Wonji will start production in the coming month. According to Abay Tsehaye, Director General of Ethiopian Sugar Corporation, the 3 billion birr sugar production plant being constructed in Oromia Region is now almost completed 97 per cent of the work being already complete. Accordingly, the factory will begin trial production in the coming month.

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PPESA Approved Blue Nile's Acquisition of Awash Winery S.C.

The Ethiopian Privatization and Public Enterprises Supervising Agency has approved the transfer of the state-owned Awash Winery S.C. to Blue Nile Investment PLC for 459.9 million birr offer.

However, Blue Nile is expected to make payment within a short period of time. Since more than half of Blue Niles shares is owned by a foreign company which as no prior business activity in Ethiopia, the Ethiopian Privatization and Public Enterprises Supervising Agency required Blue Nile to make advance cash payment in foreign currency amount equaling 8-miles shares in Blue Nile. Add a comment Add a comment

EPPCo. Completing Gilgel Gibe III Transmission Lines

The state utility company, Ethiopian Electric Power Corporation will complete erection of the 400kv high-voltage electric transmission line which will connect the the Gilgel Gibe III hydro power plant with the national grid in the coming month.

The project is jointly financed by the Ethiopian Government and the Chinese Export-Import Bank. Construction of the Gilgel Gibe III hydro-power station was started in 2006 with installed capacity of 1,870 MW energy.

The construction of the transmission lines is being carried out in two lots. Lot one is for the construction of a 293 Km long transmission line from Wolayta Sodo to Sebeta. The second lot, a 50 Km and 51 Km double circuit line from Gilgel Gibe III station to Wolayta Sodo distribution station. Add a comment Add a comment