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Wegagen Bank reported a 449.6 million birr profit before tax in the 2012/13 fiscal year, Capital reported.The bank's net profit after tax stood at 340 million birr, a 1.3 percent growth over the previous fiscal year.

According to the bank’s statement released at its general assembly meeting on November 5, the total deposit mobilization has reached 7.5 billion birr, and total assets of the bank stood at 10.3 billion birr.

The Ethiopian Roads Authority (ERA) announced the launch of the 20km Harar-Jijiga road construction project, Fortune reported.

The project, awarded to Gemshu Beyene Construction PLC – a grade one contractor local contract for 360 million Ethiopian birr, launched on Tuesday, November 5, 2013. Core Consulting Engineers PLC is consulting the Ethiopian Roads Authority (ERA) on the project.

Construction works of the Addis-Adama expressway has reached 82 percent and will be fully completed in April 2014, Fortune reported.

The expressway is designed to relieve the heavy traffic congestion in the route. After the opening of the expressway, travel time between the two cities will only take 40 minutes from the current two hours.

The Ethiopian Civil Aviation Authority (ECAA) and the Nigerian Federal Ministry of Aviation signed a memorandum of understanding (MoU) to increase the number of flights between the two countries, Fortune reported.

The MoU which was signed on November 6, 2013, outlines an increase of weekly flights from Ethiopia to Nigeria, from the current 18 to 31.

The Commercial Bank of Ethiopia (CBE), is to introduce three new categories of savings accounts, Fortune reported.

The latest class of saving accounts are categorized by age and gender, offers higher interest rates and other incentives.

Abay Bank is set to receive the delivery of mobile, Internet and point of sales banking systems it procured from the a Morocco based, Société Maghrébine de Monétique (S2M) in November 2013.

The Bank, concluded an agreement for these systems in October, 2013, as part of its plans to launch mobile and agent banking services in the next year.

Awash Insurance S.C. posted 69.23 million Ethiopian birr profit after tax for the 2012/13 fiscal year, Fortune reported.

The company's profit jumped 114 percent from the previous year. Awash Insurance has also reported Earning per Share of birr 433 birr. Awash Insurance registered a 7.3 percent increase in underwritten gross premium, reaching 346.47 million birr.

The Ethiopia government and Department for International Development of the United Kingdom (DFID) signed Memorandum of Understanding to support the Climate Resilient Green Economy (CRGE) Facility on today.

Under the MoU, the DFID agreed to provide 15 million Pound grant by December 2015 to support the implementation of the Sector Reduction Mechanisms process, to generate and fund high quality strategic investment that respond to priorities of the government. The finance will be used to support the country's efforts to support the CRGE Facility, a national system set up to solicit finance from bilateral and multilateral as well as public funds.

Boeing Delivers Ethiopian Airlines' First 777-300ER 777-300ER to provide Ethiopian flag-carrier with additional capacity on key routes SEATTLE, Nov. 7, 2013 -- Boeing (NYSE: BA) has delivered a 777-300ER (Extended Range) jet to GE Capital Aviation Services for lease to Ethiopian Airlines.

The 777-300ER is now the largest airplane in the Ethiopian flag-carrier's fleet and will provide it with increased capacity and improved operating economics on key routes from its base in the Ethiopian capital, Addis Ababa.

Tendaho Sugar Factory is set to commence production January 2014, Walta Information Center reported citing the Ethiopian Sugar Corporation.

About 85 percent of construction of the first phase of the factory has been completed, Corporation’s Communication Director, Zemedkun Tekle, told Walta today.