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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.

SgurrEnergy, Glasgow based renewable energy consultancy company is providing wind monitoring and analysis services for the first phase of the 400 MW wind farm project in Debre Birhan, Ethiopia.

Terra Global Energy Developers, U.S. energy developer selected SgurrEnergy to carry out wind measurement study for one year as part of the project’s technical and financial feasibility stage.

Ethiopian insurance companies have collected combined gross premiums of 4.5 billion Ethiopian birr from general insurance, in the 2012/13 fiscal year, Fortune reported citing unaudited aggregated report of the National Bank of Ethiopia.

The amount showed a 17.7 percent growth from the 2011/12 aggregate performance.

Ethiopia's Seka Agro Processing PLC. is planning to establish a juice processing plant in Bench Maji Zone, Southern Regional State of Ethiopia, Fortune reported.

The plant will be constructed on a four hectare plot, located 2km away from the company’s mango farm. Seka has already ordered processing machinery from Germany and Italy.

Ethiopia has earned US$281 million from the manufacturing sector during the concluded fiscal year, the Ministry of Industry said.

Corporate Communication Director with the Ministry, Melaku Taye told Ethiopian News Agency over the weekend that the stated sum secured during the reported period is 52 percent of the US$542.4 million target set by the ministry. Add a comment Add a comment