2merkato

The Ethio-Kazakhstan Business Forum took place in Astana, featuring a prominent delegation led by Ambassador Misganu Arga, Minister of State for Foreign Affairs. Ambassador Arga highlighted Ethiopia's investment potential and the government's incentives for foreign investors.

Sidama Bank has officially started providing services as of yesterday. At the launch program, the Deputy Governor of the National Bank, Ato Solomon Desta, emphasized that the bank's success would play an important role in the country's economic development and in providing access to modern banking on a large scale. Sidama Bank is one of the five banks that have transformed from small financial institutions to banks in the past five years.

Ethiopian Airlines and Customs Commission have signed an agreement to improve their services for the increasing number of passengers and goods. It is expected that the agreement will enhance customer service for Ethiopian Airlines and enable the Customs Commission to provide faster and more reliable services. The agreement is also important for controlling prohibited and restricted goods and ensuring transit goods are handled appropriately.

The Livestock Development Institute (LDI) has reported that animal product exports have yielded approximately USD 86 million in revenue over the past eleven months.

The Ministry of Transport and Logistics has announced the successful implementation of the electronic fuel payment system. The system offers multiple payment options, including Tele Birr, CBE Birr, Fuel app, and Copay-ebirr and has facilitated over Birr 24 billion in transactions nationwide and is currently being used in 1,317 gas stations across the country. Over 10 million electronic fuel transactions have been conducted using these payment options since the system's national implementation.

The Ministry of Mines has announced its intention to provide specialized support and monitoring to gold producing companies. During a meeting between the Minister of Mines, Habtamu Tegegn, and representatives of gold producing companies to discuss the production plan for the 2023/2024 fiscal year, Habtamu Tegegn affirmed that the companies would receive necessary support and monitoring to improve their products and increase their income.

Oromia Investment and Trade Bureau plans to increase the number of agro-processing industries in the region. Bureau Head Ahmed Idris made the announcement while signing an agreement with local investors to launch 11 projects in the Bulbula Agro-Processing Industrial Park.

Ethio Telecom and the Commercial Bank of Ethiopia have launched a new mobile finance digital service to offer digital financial services to the community. The service offers interest-free loans, transactions, and small business services. It aims to modernize and improve the lives of the community by providing access to efficient services and digital loan and savings services in a simple and efficient way.

The CEO of Ethio Telecom, Frehiwot Tamru, highlighted the significance of bringing mobile financial services closer to the community. She said that the service will enable access to efficient services and provide digital loan and savings services to the community in a simple and efficient way.

The President of the Commercial Bank of Ethiopia, Abe Sano, emphasized the bank's efforts to provide digital technology services to customers and the importance of working together with Ethio Telecom to make the service accessible to the community.

The two institutions plan to work in coordination with stakeholders to expand and update access to digital financial services.

Source (including image): Addis Zemen

NMC Real Estate, a relatively new player in the housing development industry in Ethiopia, has started a construction project to build 600 houses.

Kubik, a pioneering startup specializing in the transformation of hard-to-recycle plastic waste into affordable, low-carbon building materials, announced the successful completion of the initial milestone in its seed investment round on June 23, 2023. Attracting significant investor interest, an oversubscribed USD 3.34 million was raised. Participating investors included Plug & Play, BESTSELLER Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, KAZANA Fund, Princeton Alumni Angels, and Andav Capital. In addition, strategic angel investors such as Joel Holsinger, Will Abbey, and Maex Ament provided crucial support. The funds raised will be utilized to drive the expansion of Kubik's operations throughout Ethiopia.