2merkato

Commercial Bank of Ethiopia (CBE) bagged gross profit of 10.9 Billion Birr in the first 9 months of the current fiscal year.

Abyssinia Springs and Nestlé Waters formed a joint venture (JV) for the purpose of carrying out bottled water business in Ethiopia. According to their agreement, Nestle will have majority stake in the JV.

One of Ethiopia’s railway projects, Addis Ababa – Meiso – Dewele railway line will go operational in September, Ethiopian Railways Corporation (ERC) announced.

Ethiopia’s Ministry of Urban Development and Housing (MUDH) announced it will transfer more than 40,000 condominiums to the beneficiaries during the current fiscal year.

Ethio-Sudan business forum is being held in Addis Ababa, Ethiopia. The forum is expected to boost the economic ties between the 2 East African nations.

Trade mission from the United Kingdom arrived in Ethiopia’s capital, Addis Ababa, on May 10, 2016 for a 3 days visit. The visit is organized following the success of UK-Ethiopia Trade and Investment Forum held in London a year ago.

Hailemariam Desalegn, Prime Minister of Ethiopia, traveled to Rwanda on May 10, 2016 to take part in World Economic Forum on Africa 2016.

Ethiopian Electric Power (EEP) disclosed it will undertake expansion work in 3 cities of Amhara State; Bahir Dar, Kombolcha and Woldia. The expansion work is estimated to cost 2 billion Birr.

9 months report of Ethiopia’s export takes further decline both in meeting targets and comparison to last fiscal year’s performance. The report, which is expected to be presented to the House of Peoples’ Representative (HPR) by the Ministry of Trade (MoT), reveals export earnings from agriculture, manufacturing and mining sectors have declined.

Ethiopia has prepared a draft law which will amend the existing income tax proclamation, Fana Broadcasting Corporate reported.