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Standard Bank Group, South Africa's largest financial services group is planning to establish a representative offices in Ethiopia, the Bank's spokesperson said on Monday. Standard Bank is also planning to set up representative office Ivory Coast, the bank's latest move to expand into sub Saharan Africa, where it already has operations in 18 countries.

Ethiopia, Africa's second most populous nation after Nigeria, is seen as a potentially big market for foreign banks, although the financil sector of the country still remains closed to foreign companies.

Ethiopia's consumer price rose to 8 percent in July up from 7.4 percent in June, Fortune reported citing the latest Consumer Price Index released by the Central Statistical Agency.

The year-on-year food inflation in July was 5.8 percent from 3.7 percent in June, while non-food inflation was 10.5 percent in July from  11.9 percent in June.

The Ethiopian Textile Industry Development Institute signed a three-year twinning arrangement with National Institute of Fashion Technology, an Indian Company.

Speaking on a meeting held in Addis Ababa on Saturday August 17, 2013, Institute General Director, Sileshi Lema said the arrangement will help to build capacities of professionals in the sector.

Ethiopia and Norway signed a REDD+ Partnership agreement to support Ethiopia's forest sector and Climate Resilient Green Economy (CRGE) Strategy. Agriculture State Minister, Sileshi Getahun and Norwegian Ambassador to Ethiopia Oddlnge Kvalheim signed the agreement on Friday 16 August, 2013.

Sileshi on the occasion said the agreement will contribute to Ethiopia's efforts to build climate resilient green economy. Ambassador Kvalheim on his part said the partnership is to contribute to reduction of greenhouse gas emissions caused by deforestation and forest degradation, thereby supporting the development and implementation of Ethiopia's REDD+ Strategy.

Ethiopia signed an US$800 million contract with ZTE, a Chinese multinational telecommunications equipment and systems company headquartered in Shenzhen, China. The agreement was signed on Sunday, August 18, 2013 to expand Ethiopia's mobile phone infrastructure and introduce a high-speed 4G broadband network in the capital Addis Ababa and a 3G service throughout the rest of the country.

The latest agreement with ZTE is part of a US$1.6 billion project divided between ZTE and Huawei Technologies Co Ltd,, another Chinese telecom equipment maker. Huawei signed the agreement last month.

The Ethiopian Roads Authority said it has planned to construct and renovate close to 20,700 km new and existing roads at a cost of 28.9 billion Ethiopian birr during the current Ethiopian Fiscal Year.

Lebu-Goro, DireDawa-Dewele, Lumame-Debre Markos, Gedo-Menebegna, Ambo-Woliso, Konso-Yabelo, Debrebirhan-Ankober, Ankober-Dulecha and Dulecha-Awash are among the new roads which the Authority plans to construct this year.

The Commercial Bank of Ethiopia (CBE) is to provide over 1.6 billion Ethiopian birr in loans to Hiber Sugar Factory S.C., Capital reported citing the announcement made by the management of Hiber.

The Bank will provide 70 percent of the 2.3 billion birr project.

Bamboo Star Agri Forest Industry, a factory that produce wood products from bamboo, has commenced operation in the Benishangul Gumuz Regional state of Ethiopia.

The factory produces wooden items such as tooth picks and kitchen wares from bamboo. Owner and General Manager of Bamboo Star, Michael Gebru told Capital, the company is planning to expand its product line. He said feasibility study for plywood factory with an investment cost of 20 million Ethiopian birr is already underway.

The Turkish Confederation of Businessmen and Industrialists (TUSKON), Pan African Chamber of Commerce and Industry (PACCI) discussed Turkey-Africa trade and investment opportunities in Addis Ababa, Ethiopia on August 13, 2013 at Hilton Addis.

The meeting discussed about ways to strengthn Turkish-African business and investment ties. Noting the conductive investment climate in Ethiopia, TUSKON President Rizanur Meral said, Turkish investors are have interest in engaging in garment, food processing and mining sectors in Ethiopia.

Development Bank of Ethiopia (DBE) announced selling of Grand Renaissance Dam bonds worth 1.4 billion Ethiopian birr in the concluded Ethiopian Fiscal Year.  

Development Bank of Ethiopia President, Isaias Bahire, told Walta Information Center that preparations are underway to involve farmers and pastoralists across the nation in the purchase of bonds in the current fiscal year.