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Ethiopian Roads Authority said, construction of 15 road projects at a cost of over 7.6 billion Ethiopian birr was undertaken throughout Ethiopia during the concluded Ethiopian Fiscal Year.

Samson Wondimu, Public relation director with the Authority, told Ethiopian News Agency over the weekend that the projects cover a total of 1,154km.

The Addis Ababa City Roads Authority is to launch the construction of the road stretching from St. George Church to 18 Mazoria in Kolefe Keranio District and the road from Inter-city Bus terminal to Lideta Church, in October 2013.

The Authority will award contracts this month. The road projects are scheduled to be completed in a year period, Fekade Haile, general manager of the Authority told Fortune.

Ethiopian Airlines and the Eastern and Southern Africa Trade and Development Bank (PTA) signed a US$ 22 million loan agreement at Capital Hotel, Addis Ababa, yesterday. 

According to the agreement, the loan will used to finance the first phase of the Airline's housing project, which aims to build 1,192 houses for its employees.  

Ethio Leather Industry PLC (ELICO), a subsidiary of MIDROC Ethiopia, inagurated a new shoes factory on September 7, 2013. 

The factory, built at a cost of 83 million Ethiopian birr, is expected to produce 1,000 shoes a day.

The Ethiopian Ministry of Industry has signed agreement with the Chinese Association of Industry Zones for construction of an industry zone in Dire Dawa town. 

According to the agreemnet, the association will draft master plan for the industry zone and carry out study on the construction of the zone. 

Ethiopia's Construction & Business Bank posted a net profit of 110 million Ethiopian birr in the 2012/13 Ethiopian Fiscal Year.

The Bank has also earned a total income of 488.1 million birr, surpassing the previous year's earning by 46.5 million birr.

A two-day workshop focusing on enhancing the manufacturing process of the Ethiopian metal industry was held in Addis Ababa, Ethiopia. The workshop is organized by International Chamber of Commerce Czech Republic in collaboration with Aid for Trade Project of the Czech government.

ICC Czech Republic is also planning to offer training of trainers (ToT) in Czech Republic for a team of experts drawn from the Ethiopian metal industry.

Ethiopia's Habesha Breweries S.C launched construction of its 550 million Ethiopian birr brewery plant last Wednesday in Debirebirhan Town in Amhara State.

The Company's Director General, Eskindir Desta on the occasion said, the plant will be constructed on 7.5 hectare land acquired from the regional state. 

Turkey is preparing to establish a Turkish industrial zone in Ethiopia's capital, Addis Ababa, according to todayszaman.com.

Speaking at the opening of the African Strategies Sectoral Evaluation Meeting in Ankara on Monday, Turkish Foreign Minister Ahmet Davutoğlu said that the Ethiopian prime minister had proposed the assignment of a plotof land for the establishment of a Turkish industrial zone in Addis Ababa.

“They [the Ethiopians] know that we don't go to Ethiopia with a passing fancy and calculations of temporary profits. We also know that they don't only offer a business opportunity but that they opened their hearts,” Davutoğlu said, stressing that ties between Turkey and Ethiopia are not only economic, but also social relations between the two countries is thriving as well.

Davutoğlu stated that, there are now 341 Turkish companies with a total investment of $3 billion in Ethiopia.

Source: todayszaman.com

Ethiopia is a key zone for growth within Sub Sahara Africa, said Charles Brewer, Managing Director of DHL, during his visit to Addis Ababa, Capital reported.

“For the past three years, the East African community has sustained high GDP growth, outpacing other Sub Sahara Africa countries and weathering the global recession. According to sources like the United Nations Economic Commission for Africa (UNECA), the region is set to post an economic growth rate of 6.3 percent in 2013, up from 5.7 percent in 2012,” Brewer said.