2merkato

Ethiopian Roads Authority (ERA) today signed a 1.5 bln birr contract with China First Highway Engineering Co. Ltd (CFHEC) for the Dessie-Kutaber-Tenta road upgrade project, Walta Information Center (WIC) reported.

The 67.5 km long ten meters wide asphalt road upgrading project will link South Wello Zone to North Wello in the Amhara Regional State.

Tsehay Real Estate Plc launched construction of the US$ 200 million International Center, at Yeka Sub City, Addis Ababa, Capital reported.

The Ethiopian Electric Power Corporation (EEPCo) is divided into two separate entities, the Ethiopian Electric Power and Ethiopian Electric Service, Ethiopian Press Agency reported. The corporation's power supply and electricity delivery services will be divided between the two new companies.

Ethiopia's Agriculture, Investment and Land Administration Agency availed 3.6 million hectares arable land to investors in the agriculture sector, Ethiopian News Agency reported.

Ethiopia earned US$ 165 million revenue from the manufacturing sector over the past five months, the Ministry of Industry said.

Corporate Communications Director with the Ministry, Melaku Taye told Ethiopian News Agency (ENA) on Monday, that earning from the sector has shown a 22 percent growth compared to a year earlier.

The Gilgel Gibe III hydro-power project will commence operation at the beginning of the coming Ethiopian New Year, the Ministry of Water, Irrigation and Energy said.

The Ethiopian Investment Agency (EIA) is proposing amendment to the Investment law, Fortune reported.

The proposed amendment, which has now reached the Council of Ministers (CoM), has been in the making for the past six months, according to Fortune.

Dashen Bank posted 606.7 million birr profit after tax for the 2012/13 fiscal year, a seven percent decrease from a year earlier, Fortune reported.

The Bank has reported a gross income of 1.817 billion birr – an increase of 5.3pc, earning per share of 823 birr.

Sino-Ethiopia Associate (Africa) PLC, a capsule manufacturer in Ethiopia, inaugurated its expansion plant located in Addis Ababa, Ethiopian News Agency (ENA) reported.

The company's new plant which is built at a cost of 100 million Birr has a capacity to produce 1.2 billion capsules annually, increasing the company's total production capacity to reach 2.4 billion, according to ENA.

Ethiopian Airlines, the fastest growing African airline, is happy to announce the commencement of services to Semera, the capital of the Regional State of Afar located in the North Eastern part of Ethiopia, starting from December 14, 2013. The new service will be operated thrice weekly with Ethiopian Q-400 Bombardier aircraft on, Tuesdays, Thursdays and Saturdays.