2merkato

The Ethiopian Ministry of Defense is to launch a financial wing. The ministry is undertaking preparations to launch banking operations during the current fiscal year according to Siraj Fegessa, The Minister of Defense.

The plan to launch the Army Bank was announced on Wednesday while Siraj presented the quarterly performance report and the current financial year to the Foreign Defense and Security Standing Committee of the Parliament.

The Ministry has established a steering committee established to discuss the issue with the National Bank to execute the plans for the Army bank said Siraj. 

ICM won the bid to construct the new cargo terminal for Ethiopian Airlines located at the Addis Ababa Bole International Airport.

The bid was between the German ICM and a Chinese company and the former won the contract because they proposed the best design and financial offer said Tewolde Gebremariam, Chief Executive Officer. ICM is expected with the well known Varnero Construction firm according to Tewolde.

The new state of the art cargo terminal can handle 1.2 million tons. It is expected that the project will be completed in two sections each with the capacity to hold 600 thousand tons. The first phase of the construction will cost an estimated 110 million Euros.

The Africa Fair Trade Convention is being held in Addis Ababa according to the Fair Trade Africa. The convention is being held over a period four days under the theme of ‘Equal Trade, Equal Development: Strengthening the Position of Producers in the Value Chain’ said the AFT.

The convention is the first of its kind to be held in Eastern Africa noted the organizers. The four day session will include more than thirty speakers who will present their papers on sustainable chains towards improving livelihood, the role of value chains to transform smallholding agricultural practices as well as other related topics.

It is expected that domestic coffee exporters and other stakeholders would attend the convention while 13 organic coffee exhibitions are prepared as part of the convention schedule it was announced.

The construction work on Kombolcha Airport, Ethiopia is underway according to an announcement from the Ethiopian Airports Enterprise. The airport project is expected to cost an estimated 149 million birr up to completion according to Wondim Teklu, Head of Public Relations with the enterprise.

The construction includes a 2 kilometers long runway and a 4 kilometer long feeder road to the airport said Wondim.

The airport is offering services alongside the construction project that is underway to meet the goals of the second phase of the airport he noted. The airport will be equipped to serve Bombardier Q400 aircraft once this phase of construction is finished explained Wondim.

Ethiopian Airlines has been recognized as the ‘African Airline of the Year’ by the African Travel Quarterly magazine it announced.
The airline received the award at an event held in Lagos, Nigeria during the Akwaaba: African Travel Market Exhibition.

Ethiopian Airlines was recognized for the excellence of its service and its pioneering acts in the aviation industry in Africa as evidenced by its introduction of the continents first 787 Dreamliner aircraft.

The airline has managed to bridge the continent and made Africa proud in the past year through its efforts to open new routes and facilitating integration regionally and continentally according to the organizers of the award ceremony.

The Ethiopian Sugar Corporation is in the process of finalizing expansion projects started on existing sugar factories in the shortest time possible said Asfaw Dingamo, Advisor to the General Director of the Corporation and Deputy Director General of Legal and Public Relations.

The construction of new factories such as the Wendji-Addis factory is also progressing well according to Asfaw. Sugar Corporation is in the process of launching new sugar development projects along with the infrastructural support systems of the sugar project such as road networks and irrigation he added.

The corporation is committed to building ten new sugar factories in the coming years to launch the export of sugar internationally explained Asfaw. The Corporation is also offering capacity building trainings for its managerial staff including project coordinators.

Ethiopian Airlines launched thrice weekly flights to Kuala Lumpur in Malaysia from its base in Addis Ababa and flying through Bangkok.

The first Ethiopian Airlines flight arrived in Kuala Lumpur to warm welcome from Malaysian officials according to sources. The weekly flights will run on Wednesday, Thursday and Sunday.

The new flights to Kuala Lumpur are intended to connect Malaysian businesses to the significant opportunities available in Africa said Tewolde Gebremariam, Chief Executive of the airlines.

Lion International Bank, Ethiopia earned 75.4 million birr after tax in the last financial year registering a 72.2 percent increase from the revenue it had earned in the previous fiscal period. The bank announced its profits at the eight annual shareholders meeting held at the Sheraton Addis Hotel.

The bank’s shareholders expressed their appreciation for the positive performance shown by the bank although Earnings Per Share remained similar to the previous year standing at 6.09 Br for a par value of 25 Br, as compared to 4.40 Br last year.

The EPA did not show a significant increase due to the large increase in capital initiated by the bank said Negusu Gebregziabher, President of the Bank.

The Ethiopian Wildlife Conservation Authority is seeking funds to develop the attractions at the Semein Mountain National Park.
The funds will be used to enhance the security of the park, to widen its boundary and to address recognized threats from humans and domesticated animals according to Ewentu Bilata, Director General of the EWCA.

Five hundred households encroaching on the territory of the park would be resettled elsewhere with additional funds he said.
The authority expects to hold a consultative forum with potential donors including international embassies located in Addis Ababa said Ewentu.

The first Ethiopian industrial zone, Bole Lemi Industrial Zone, is to be opened in December according to the Ministry of Industry. The industrial zone is to be managed by the Industry Zone and Environmental Protection Agency, established under the Ministry of Industry. The opening had been scheduled for September.

The Bole Lemi zone could not be finalized according to schedule because of delays with the construction of roads in and out of the zone caused by the long and heavy rainy season explained Melaku Taye, Director of Corporate Communications with the ministry.  

The installation of telecom service, and 20 Mega Watt of electric power along with 80 electric poles has already been completed according to the design for the zone he explained.