2merkato

Algerian investors showed great interest in investing in Ethiopia. It was during a business forum held in Oran, Algeria that investors revealed their interest.

Construction of the road linking Ethiopia and Kenya, Turmi - Namrapuz, has been concluded and it is now open for traffic, Ethiopian Roads Authority (ERA) disclosed.

Ethiopia and Turkey concluded 5 agreements on Wednesday, December 28, 2016 in Addis Ababa. The agreements are made in the aim of facilitating more trade between the 2 countries.

Ethiopian Sugar Corporation is currently considering to join hands with investors from Ethiopia and abroad to build as well as manage sugar factories.

During the first 5 months of the current fiscal year, Ethiopia earned 211 million USD from the export of oilseeds and pulses. This was disclosed by Ministry of Trade.

Tigray State Trade and Industry Bureau disclosed the first phase construction of Mekelle Industrial Park, one of the industrial park projects being undertaken in Ethiopia, will be completed by the coming February.

Debub Global Bank S.C., one of the late entrants to the banking industry in Ethiopia, registered a 52 million Birr profit in the last fiscal year. The performance is a threefold compared to 2014/2015 fiscal year.

Melaku Sissay, Nile Insurance’s CEO for the, resigned from his position that he held since last years. His resignation came a week after the company presented its performance report for its shareholders. The Insurer has also confirmed that the company’s board of directors replaced Melaku by the claims manager, Hailu Mekonnen. The board’s appointment has also been approved by the National Bank of Ethiopia.

Oromia Insurance Company SC (OIC) disclosed it had paid a total of 380,000 Birr as compensation for farmers. The claims by the farmers were made following the drought Ethiopia experienced last year as a consequence of El Nino phenomenon.

Ethiopian Spice Extraction PLC disclosed it is ready to commercialize animal feed and pesticide extracted from Abyssinian Mustard, which is commonly known as “Senafich” in Ethiopia. The new extract is said to have been named “Detoxicated and Defatted Ethiopian Mustard Mill” and it has a competitive leverage and potential to reduce protein deficiencies sustained in the livestock and poultry sector.