2merkato

KEFI Minerals announced it bought out Tulu Kapi license in Ethiopia from Nyota Minerals for 1.5 Million Euro in cash and shares. KEFI had already bought 75 percent earlier and now it has acquired the rest 25%

A workshop organized in Ethiopia by National Oil Ethiopia suggested the need to develop infrastructure facilities, investment and regulatory standards in order to secure efficient utilization of energy because the demand for oil will double in the coming decade.

The African Union Commission (AUC) and Reykjavik Geothermal concluded an agreement last week for a financial support to drill two-reservoir confirmation wells at the Reykjavík Geothermal project in Ethiopia.

The financial support is U.S$ 5.6 Million and the wells are owned by Corbetti geothermal prospect. With regard to the support, it is aimed at alleviating infrastructure requirements need for proper project implementation. The signing ceremony took place at the Grand Hotel in Reykjavik, Iceland on May 26, 2014.

A draft bill suggesting the establishment of a federal coordinating agency for in integrated infrastructure has been tabled to the House of Peoples’ Representatives (HPR).

A high profile Ethio-Israeli investment conference is planned to take place in Tel Aviv by the coming Monday. The conference is organized by the Ethiopian Embassy in Israel and it is going to take place at Dan Panorama Hotel.

14 giant car and machinery exclusive agents to Ethiopia formed an association to voice common interests of the rivaling companies

The Commercial Bank of Ethiopia (CBE) has launched a new service for its customers it refers as “premium and business customers”. Customers who visit the Bank frequently or have a deposit that is more than one Million Birr can get the new service at a separate customer service window.

Sufian Ahmed, Minister for Finance and Economic Development presented Ethiopia’s 2014/2015 budget bill on Monday, June 9, 2014 to the House of Peoples’ Representatives (HPR) suggesting the fiscal year’s budget to be 178.6 Billion Birr. After the presentation the House sent the bill for further examination to the House’s Finance and Budget Affairs Standing Committee.

Ethiopia’s only crocodile farm announced it will start exporting crocodile meat in the coming year to Asian countries.

Southwest Technologies and its partners announced on Tuesday, May 3, 2014 they are ready to launch a data center in Ethiopia. The data center is expected to make Ethiopia the IT hub for Central Africa, according to The Reporter.