2merkato

Gulf General Investment Company, a Dubai-based conglomerate whose net worth is about 3.7 billion dollars and M2K Business Services, a local company, are jointly planning to set up an aluminium extrusion plant at the outskirts of Addis Ababa.

The extrusion plant, which is planned to be constructed at Sululta in the Finfinne Special Zone, is estimated to cost 12 million dollars.

The Ministry of Information and Communication Technology (MICT) said that it had granted permission to companies that run internet-dependant operations to acquire and use VSAT (Very Small Aperture Terminal).

Some months earlier, the ministry had issued a directive allowing companies which are dependent on the internet and those working in remote areas of the country where there is no access to the internet to use VSATs, Debretsion Gebremichael (PhD), minister of MICT, said.

The Ethiopian Airlines bought yesterday two, new Diamond DA42 Twin Star, twin engine, propeller-driven airplanes manufactured by Diamond Aircraft Industries.

The airplanes, which will be used in training new pilots, were bought for 550,000 euro each.

In addition to the previous ten single engine pilot training aircraft, the two DA42 Twin Star planes will upgrade the performance of the trainees, Beza Tesfaye, fleet planning manager of Ethiopian, said.

The construction of the Chemoga-Yeda hydropower plant on the outskirts of Debre Markos is lagging behind schedule due to lack of finances.

The 555 million dollar hydropower project was being funded by the Chinese EXIM bank. It was planned to be executed in two stages and to generate 278 megawatt of electricity.

The Chemoga-Yeda River is one of the tributaries of the Nile. Countries downstream of the Nile are concerned about the hydropower project and have been lobbying to the EXIM bank for delay in financing the project, officials of the Ethiopian Electric Power Corporation (EEPCo) said.