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Jinka Bag Factory, which is expected to supply for Ethiopia’s grand projects, has commenced test run. The factory is said to manufacture sugar bags for the existing as well as new sugar factories being built.

The Board of Directors of the African Development Bank (AfDB) has approved a financing package of USD 159 million to partly finance Ethiopian Airlines’ expansion plan and fleet modernization program. The package comprises two tranches, with the first tranche (85% of the financing) being covered by African Trade Insurance, Africa’s export credit agency, which will be providing credit risk insurance to the transaction. The investment is a reflection of the Bank’s new strategic thrust to achieve its five operational priorities and is rooted on the necessity to integrate Africa and improve air connectivity in the continent.

Ethiopian Electric Power (EEP) disclosed it is undertaking preparations in the aim of building a national load dispatch center. The center is financed by a 40 million Euros loan French Development Agency (FDA) extended to Ethiopia.

Delegation team led by China Poly Group Chairman, Yu Baodong, met with President Mulatu Teshome to discuss on the progress of the oil and gas project in Ethiopia.,

Construction of Gilgel Gibe III, one of Ethiopia’s hydroelectric dams, has been concluded and it will officially be inaugurated next Saturday.

Kifya Financial Technology introduced new payment and ticketing service for travelers using cross state transit buses from Ethiopia’s capital. The system became operational on Saturday, December 10, 2016 and it has made Kifya in charge of the billing system for public transport across Ethiopia.

Zemen Bank, one of the notable private banks in Ethiopia, disclosed it has registered a net profit of 203 million Birr in the past fiscal year. The performance is 33 percent higher than the bank’s achievements in 2014/2015.

Ethiopian Electric Utility (EEU) concluded a Memorandum of Understanding (MoU) with Chinese Huawei and China Electric Power Equipment Utility. The MoU is for the construction of a better power grid for Ethiopia.

Ethiopia and Djibouti concluded an agreement in the aim of establishing a company that will manage Ethio-Djibouti Railway. The agreement was signed by Ahmed Shide, Ethiopia’s Transport Minister, and his Djiboutian counterpart, Mohammed Abdulkadir Musa.

Raya Brewery S.C., one of the late entrants to Ethiopia’s market, sustained loss close to 104 million Birr in the past fiscal year. The company’s annual report was released during the shareholders meeting held on Saturday, December 10, 2016.