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Oromia Insurance Company S.C., one of the private insurance firms in Ethiopia, bagged a net profit of 33.4 million Birr. However, the performance shows a 38 percent decline when compared to the year previous to it.

Enat Bank S.C., one of the private banks in Ethiopia, made a net profit of 79 million Birr in the past fiscal year. The performance of the bank shows a 59 percent increase when compared to the preceding year.

Ethiopia’s Sugar Corporation disclosed it has canceled the construction of 2 sugar factories out of the intended 10. The projects that will be affected by the change of plans are Kuraz and Beles projects.

Commercial Bank of Ethiopia (CBE) bagged a net profit of 4 billion Birr in the first quarter of the current fiscal year with total earning of 7.7 billion Birr.

The long serving president of Development Bank of Ethiopia (DBE), Esayas Bahre, is dismissed from his post effective of November 18, 2016.

Ethiopia and Morocco concluded 13 memorandum of understandings (MoU) on November 19, 2016. The agreements were signed at the National Palace in witness of Ethiopia’s Prime Minister and President, Hailemariam Dessalegn and Mulatu Teshome respectively, and King Mohammed VI of Morocco. The event was also attended by the official delegation that accompanied the King.

Ethiopia and Morocco signed an agreement in the aim of constructing an integrated fertilizer production plant worth 2.5 billion USD. The agreement was signed by OCP Group, global leader in the phosphate industry, on Morocco’s side while Minister for Public Enterprises represented Ethiopia.

State of Tigray, one of the 9 states of Ethiopia, disclosed it is going to construct an Agro-processing industrial park. The park is expected to be constructed at an outlay of 2.3 billion Birr.

Ethiopian Airlines won Best Airline in Africa, The Best Economy Class in Africa, The Best Business Class in Africa and the Best In-flight Entertainment in Africa awards at Akwaaba African Travel Market awards dinner held in Lagos.

Ethiopia has received an assistance of 100 million Yuan from the Chinese Government for the construction of railway academy in the East African Country. The railway is planned to be built near the Ethio-Djibouti railway line.