2merkato

The city administration of Addis Ababa transferred 419 kebele administered shops and recreational centers to consumer cooperative societies. The transfer of 650 more is still underway.

The City Council issued a regulation to enact the transfer of the businesses in July. The establishments to be transferred too consumer associations have a collective capital of 104 million birr and fixed assets of 35.45 million birr and more than 64.85 million birr in cash.

The transfers are expected to resolve challenges allowing the establishments to be managed as publicly responsible, accountable and transparent institutions said Mulugeta Mengistu, Head of the Cooperatives Development Office.

The Ethiopian Revenues and Customs Authority collected 22.26 billion birr in revenue in the first quarter of the current financial year it announced.

The revenue raised by the authority was 103.57% of the21.49 billion birr it had projected for the fiscal period explained Ephraim Mekonnen, Head of the Public Relations Department of ERCA.

The performance registered by the authority over this period was 6.2 billion birr more than the amount it had collected during the same period in the previous financial year explained Ephraim.

A significant percentage of the authority’s income was raised from indirect taxes such as the Value Added Tax, Excise Tax and Turnover Tax which together raised 16.13 billion birr making up 72.47% of the total revenue collected by the authority over the quarter. 

The Ethiopian Electric Power Corporation is to inaugurate Adama I wind Farm on the 1st of December. The project completed at a total cost of 117 million US dollars was constructed with an installed generation capacity of 51 Mega Watts.The Adama Wind farm has a total of 34 towers with the ability to generate 1.5 MW each.

Eight five percent of the 117 million US dollar budget was covered by a loan arranged by the Export-Import bank of China. The Ethiopian government covered the remaining fifteen percent in financing.

The mechanical work for the wind farm was handled by Hydro China and the civil work was taken care of by CGOC.

The Global Entrepreneurship Week with more than 13 events planned to provide inspiration for up and coming entrepreneurs was launched in Addis Ababa.

The GEW is being held for the second time in Ethiopia and the fifth time internationally. The event will be held between 12th and 18th of this is month.

The GEW has expanded to 125 countries including Ethiopia this year with the aim to help an increasing number of people to engage in business it was noted at the opening ceremony held at the UN/ECA Conference Center.