South Africa's Vodacom Group opened its first office in Ethiopia on Tuesday, to establish its presence in a country which have a large market but still maintains a state monopoly over its telecoms sector, Reuters reported.
Ethiopia's state owned Ethio Telecom have a rapidly growing subscribers, totaling almost 650 million last year, up from just 25 million in 2001, according to the World Bank.
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Ethiopia is planning to seek a credit rating to attract more foreign investment and to balance the decline in exports, Bloomberg reported.
The Ethiopian government will pick rating companies in the coming weeks to assess the level of risk involved with investing in the country, Finance Minister Sufian Ahmed said in an interview with Bloomberg yesterday in Addis Ababa.
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Ethiopian Road's Authority and SUR Construction PLC signed a contract to build the 104 km long Dansha-Abdrafi-Maycadran asphalt road, Fortune reported.
The 1.6 billion birr contract was signed on Tuesday, November 26, 2013, at the Ethiopian Road's Authority’s headquarters in Addis Ababa, Ethiopia.
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United Bank S.C. reported 282 million birr profit after tax for the fiscal year that ended on June 30, 2013, Fortune reported.
The bank's profit is down by 5.3 percent compared to a year earlier. Its earnings per share has slipped to 47.7 birr from 53 birr.
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The Addis Abeba Chamber of Commerce & Sectoral Associations (AACCSA) awarded International Organisation for Standardization (ISO) 9001:2008 management certificate on November 15, 2013, Fortune reported.
AACCSA was audited by DQS Ethiopia, an assessments and certifications of management systems firm.
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The World Bank and Addis Ababa University (AAU) signed assistance agreement amounting to five million birr on Monday, 2 December, 2013, Ethiopian News Agency reported.
AAU President Dr Admasu Tsegaye and World Bank Ethiopia Country Director Guang Chen signed the agreement.
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Saudi-Ethiopian billionaire, Mohammed Al Amoudi, the largest foreign investor in Ethiopia, is planning to build two more cement plants in Ethiopia, Bloomberg reported.
The Ethiopian Ministry of Mines (MoM) signed a petroleum production sharing agreement (PPSA) with Poly GCL Petroleum Investment Ltd., a Chinese based company, Fortune reported.
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Nib International Bank (NIB) reported 286.3 million birr profit after tax for fiscal year 2012/13, Fortune reported. NIB has also reported 147 birr of earning per share for the reported period.
The Ethiopian House of People's Representatives approved the US$320 million loan agreement between the Ethiopian government and the Chinese Export-Import (EXIM) Bank to finance the Addis-Adama expressway On Thursday 28, November 2013, The Reporter reported.
