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The Ethiopian Ministry of Mines is scraping its plan to ban rough gem exports and export ban on raw tantalum, in order to increase the export volume of mineral resources, Fortune reported.

The Ministry has also raised its revenue projection for 2013/14 fiscal year to one billion dollar, from the initial target of US$777 million. In January 2013, the Ministry announced its intention to ban rough gem exports at the start of the new fiscal year. This was because of the considerably higher price a value-added stone would fetch when compared with the rough cut.

Development Bank of Ethiopia has earned a net income of 491 million Ethiopian birr during the 2011/12 fiscal year. The Banks annual report, which was approved by its board of directors in Bahir Dar last week, indicates, it has surpassed its target of approving 7.9 billion birr worth of loans.

The largest portion of the approved loans was for companies engaged in the industrial sector. The industrial sector has received 5.8 billion birr in total, 143 percent higher than what the bank has targeted to loan out to the sector. Foreign companies, such as Saygin Dima, which got over one billion birr of loans approved last year, were the major beneficiaries. Add a comment Add a comment

Ethiopia’s annual production of cement has reached 12.12 million tons, more than double the current domestic demand, Ministry of Industry disclosed. Ethiopia’s current domestic demand for cement is estimated to be around 5.4 million tons, according to data from the Ministry.

“Due to the construction boom and country’s rapid growth we expect the annual demand for cement to grow,” Melaku Taye, public relations and communications director at MoI, told Walta Information Center. Add a comment Add a comment

The Ethiopian Electric Power Corporation Board has approved the launching of the first phase of the Aysha I wind farm project in the Somali Regional State, according to information obtained from the Ethiopian Ministry of Foreign Affairs website.

Construction of the project, split into three phases, will begin soon. The first phase will be carried out by the Chinese Company, Dongfang Wind, and is expected to produce 120MW of energy when completed. Add a comment Add a comment

Kenenisa Hotel, located on Cameroon Street around Bole Medhanialem Cathedral was inaugurated on Sunday 4 August, 2013. The eight storey hotel laying on 1,400 square meter plot of land offers 51 rooms, high speed internet, meeting hall, fitness and business center. The hotel is equipped with modern air conditioning, fire extinguisher, smoke detector and other facilities befitting a four star hotel.

The Construction of the hotel consumed 200 million Ethiopia birr.

Commercial Bank of Ethiopia posted a record 8.4 billion Ethiopian birr profit for the 2012/13 fiscal year, a sizable increase over the 7.9 billion birr reported in the same period last year.

The bank's general deposit has reached 154.4 billion birr and its general assets has totaled 198.3 billion birr, according to Yishak Mengesha, CBE's business development manager. The bank has opened 148 new branches across the country. The bank has also doubled the number of customers in reporting period to 6.9 million.

The Ethiopian Ministry of Mines has drafted a bill to amend the country's mining law to enhance investment in the sector, The Reporter reported citing a senior official from the ministry. According to the source of The Reporter, the bill has been referred to the House of Peoples' Representatives standing committee on Environment and Natural Resources. Add a comment Add a comment

The Ethiopian Ministry of Water & Energy has ordered additional photovoltaic solar panels for Africa's largest solar power project. The 3,700 solar panels, worth US$1.5 million will be supplied by a Chinese company, Poly Technologies.

The ministry has previously purchased 25,000 solar panels from the same company. The panels are currently being installed across six regional states of Ethiopia. The purchase has been financed by the World Bank.The project is funded by the US$130 million loan the International Development Association provided to Ethiopia's energy sector. Add a comment Add a comment

The Addis Ababa Trade & Industry Bureau and the Ministry of Trade announced the drafting a new regulation aimed at regulating the fruit market in the city, Fortune reported. The announcement is made by officials of the Ministry of Trade in a meeting held with stakeholders on Saturday, August 03, 2012 at the Ministry's Headquarters.

The new regulation is aimed at addressing soaring prices of fruit as a result of complex supply chain. Add a comment Add a comment

Nisir Micro Finance Institution, currently under formation, is set to join Ethiopia's financial sector becoming the first commercial micro-finance institution. After three years preparation, Nisir is planning to go operational with a paid-up capital of 15 million Ethiopian birr in mid December 2013.

The company floated 15,000 shares with a face value of 1000 birr each. The huge gap between the supply and demand of financial services has driven Nisir's establishment, whose focus is providing a need-based and swift credit facility, Michael Addisu, Project Manager and Lead Promoter of Nisir told Fortune. Add a comment Add a comment