2merkato

The Ethiopian statistics agency announced that the annual inflation rate fell to 40.1% in September. This is a decrease from the 40.6% inflation recorded last month according to the statement by the agency.

The year on year inflation rate fell due to the drop in the prices of fruits and vegetables. The price index of fruits and vegetables decreased by 3.4% explained the report.

Leaders from Ethiopia and Djibouti inaugurated the substation linking Djibouti to the Ethiopian power grid on Wednesday. It was described as a milestone in linking the economies of the two countries by Meles Zenawi, Prime Minister of Ethiopia.

More than 90% of the project was financed by loans and grants from the African Development Bank (AfDB). The project is thought to be very crucial to Djibouti which generated energy from diesel generators.

The memorandum of understanding for power purchase agreement was signed in April 2008 but it took two years to finalize the 25-year agreement.

The International Rose Producer Karuturi Global Ltd. is set to construct embankments around its farm in Western Ethiopia after incurring 15 million dollars worth of losses due to floods. The loss was primarily caused by the destruction of maize plants, with a potential yield of 60,000 tonnes according to Ramakrishna Karuturi, General Manager of the company.

Karuturi announced on Monday that the farmland was flooded in spite of dikes spanning 80km on the side that faces the riverbank. The 1.8 meter tall dikes proved to be inadequate to prevent the flooding Karturi explained.

The company reported plans to build taller dikes around the farm. The new design will aim to create a polder; land enclosed by dykes with no connection with outside water except through manually operated devices.

Zablon Trading Private Limited Company opened a processing plant for oilseed and pulses on 1 October 2011.  The plant is expected to clean and sort over 1,200 quintals of export standard oil seeds and pulses every year.

The company has exported oil seeds and pulses valued at approximately 5 million dollars, last year and is planning to raise its exports to 25 million this year said Biniam Bedewi Owner and Managing director of Zablon.  He said that they hope to achieve this through developing human resource and creating stronger links with local banks.