2merkato

The Ethiopian Ministry of Industry signed with 13 local contractors for construction projects at Bole Lemi Industrial Park. The agreements signed are part of the 1.2 billion birr civil works project at the park.

The projects which include the construction of five industrial sheds, four office blocks are intended to be completed within three months from the day the agreement was signed.

The contractors were selected by the MoI on the basis of their performance on other government projects and not through the usual bidding process because of the need to finalize the project within a short period of time said Tadesse Haile, Minister of State for Industry.

The Ethiopian Ministry of Mines is engaged in activities to ensure the development of mining and petroleum exploration investment in the country according to Sinknesh Ejjigu, Minister for Mines.

The MoM is undertaking activities to ensure that the sector grows in the current fiscal year she said in a quarterly report presented to the Natural Resource Development and Environmental Conservation Affairs Standing Committee of the House of Peoples' Representatives.

There are plans to conduct studies to better support and coordinate the development of traditional mining as well as to facilitate for large scale mining investment project said Sinknesh. A range of programs have already been launched towards building the capacity of traditional miners and to encourage others to engage in the sector allowing women and young people to be a part of the sector she added.

Dr. Mekonnen Hagos, President of Medco Bio Medical College and Vayugrid Marketplace Services plc signed a Memorandum of Understanding for the pilot production of the Pongomia plant trademarked and market as Vayusap.

The joint development agreement includes acquiring land for the pilot project to plant the pongomia trees for producing the Vayusap, with a plan to obtain additional land with the success of the pilot said Ashok Sharma, Vayugrid Coordinator for Africa.

The agreement stipulates that the cost of the project and the cost sharing mechanism of the two partners will depend on the lease price of the land to be acquired and the type of land that will be allocated noted Sharma.

Ethiopia is on track to complete mega dam projects towards enhancing its role on the East African Power market according to Alemayhu Tegenu, State Minister.

The primary dam, the 4.1 billion US dollar Grand Renaissance Dam is on track for completion by the 2015 deadline he said.

Two other smaller dams are also expected to launch operations at the same time to generate a combined 8 thousand Mega Watts at full capacity explained Alemayhu.

The city administration of Addis Ababa transferred 419 kebele administered shops and recreational centers to consumer cooperative societies. The transfer of 650 more is still underway.

The City Council issued a regulation to enact the transfer of the businesses in July. The establishments to be transferred too consumer associations have a collective capital of 104 million birr and fixed assets of 35.45 million birr and more than 64.85 million birr in cash.

The transfers are expected to resolve challenges allowing the establishments to be managed as publicly responsible, accountable and transparent institutions said Mulugeta Mengistu, Head of the Cooperatives Development Office.

The new sugar development projects launched in Ethiopia have created more than 28 thousand job opportunities in the last financial year according to the quarterly newsletter issued by the Ethiopian Sugar Corporation.

The projects launched in various parts of the country have created jobs for surrounding communities in Tendaho, Kuraz, Wolkite and Beles areas noted the newsletter.   

The communities that adjoin the sugar development projects have also benefited from the infrastructural work that is part of the projects and includes the construction of roads and schools as well access to running water said the Corporation. 

An Ethiopian Horticulture Directory designed to include a comprehensive overview of all actors and relevant information in the sector is to be published by Initiative for Transformational Management International and the College of Agriculture and Veterinary Medicine of Jimma University.

The directory is prepared in a manner that allows it to display all the necessary data required to fill an obvious informational gap in the sector explained Getamesay Geremew, Project Manager for ITM, speaking at a press conference held at the Addis Ababa Hilton Hotel. It is expected that the directory will play a significant role in developing the sector he added.

The new directory will be offered in both a published and digital format the latter to be accessed at the website designed for it explained Getamesay. It is also expected that the directory will be distributed across the world via Ethiopian Embassies he noted.

Awash International Bank S.C Ethiopia announced a net profit of 394.4 million birr for the last financial year. The profits earned by the bank are the highest in the bank’s history according to the announcement.

Awash grossed 9 billion 565 million birr in the past fiscal year according to Tsehay Shiferaw, President of the Bank.

The bank is committed to increasing its deposits and has been able to exceed the deposits in the previous budget by 9.4% to reach 10 billion 185 million birr noted Tsehay.

The Ethiopian Electric Power Corporation is to inaugurate Adama I wind Farm on the 1st of December. The project completed at a total cost of 117 million US dollars was constructed with an installed generation capacity of 51 Mega Watts.The Adama Wind farm has a total of 34 towers with the ability to generate 1.5 MW each.

Eight five percent of the 117 million US dollar budget was covered by a loan arranged by the Export-Import bank of China. The Ethiopian government covered the remaining fifteen percent in financing.

The mechanical work for the wind farm was handled by Hydro China and the civil work was taken care of by CGOC.

Nyala Insurance S.C, Ethiopia earned 56.1 million birr in net profit during the previous financial year according to the company report.

The insurer was able to gross 66.3 million birr in underwriting in the financial year setting a new company record it was noted. Earnings per share were said to stand at 1,233 birr according to the financial statement presented to shareholders at the company’s annual assembly held at the Sheraton Addis Hotel.

The insurance company’s earnings for the fiscal year showed a notable increase from the 35.8 million birr gross and 34.2 million birr net profit it had earned in the previous year.