2merkato

MIDROC is seeking financing from 17 local and international financial institutions to fund the construction of Toussa Steel factory. The International Finance Corporation and the African Development bank are among the financial institutions approached by the company. It is expected that most of the funding for the project will be covered by Sheik Mohammed Al Amoudi according to the Chief Executive of Toussa.

The project seems feasible for the purposes of financing according to a representative of one international financial institution.

It is to be remembered MIDROC Ethiopia signed 600 million US dollar turnkey project Italian steel mill contractors Daniele SpA, for the construction of its plant in the Amhara regional State.

The African Development Bank is to approve a 100 million US dollar loan to Ethiopia for the financing of the Geba hydro electric power project.

The project, designed to have the capacity to generate 371 MW of energy, is expected to cost 732 million US dollars. The project will encompass the construction of the Geba I dam expected to generate 214 MW and Geba II dam expected to generate 157 MW it was said.

The costs anticipated for the construction of the dams has increased in the five years the project was delayed as the Ethiopian Electric Corporation was engaged with other more feasible and easier to execute projects said an official with the corporation.

A Business Delegation led by the Minister for Climate Change is to visit Ethiopia for two days announced the British Embassy in Ethiopia.

The delegation consists of 19 business people representing 14 companies to hold discussions with relevant business people starting on the 4th of October said the press release.

The delegation will discuss ways in which investors engage in Power Development Investment in the UK and share that country’s experience with renewable energy development.

The companies represented by the delegation will be interested in finding out the opportunities for investment in renewable energy development and distribution in Ethiopia it was said.

MIDROC Ethiopia signed 600 million US dollar turnkey project Italian steel mill contractors Daniele SpA, for the construction of its plant in the Amhara regional State

Toussa Steel mill is expected to be the largest steel mill in Ethiopia with an estimated annual production capacity of 1.3 million tons.

Toussa was licensed with the Ethiopian Investment Agency in July of last year and plans on producing reinforcement bars, billets and hollow sections amongst other steel products. The factory will go on to produce steel railway tracks in its second phase.

Ethiopian Sugar Corporation has supplied over 4.3 million quintals of sugar to consumers during the fiscal year. More than 1.8 million quintals of the sugar supplied to consumers was imported by the government to stabilize the market according to the corporation report.

The difference of 2.6 million quintals was produced by locally by Fincha, Metehara and Wonji-Shoa factories. The factories were also able to produce more than 11 million liters of ethanol during the same period.

Ethiopian Airlines took charge of the first of the five reconfigured Bombardier Q-400 aircraft it has on order last week.

Ethiopian is the first airline to take charge of the reconfigured aircraft which takes into account a number of innovations based on feedback from customers.

The new innovations include 7 business class and 60 economy class seats with a second lavatory for the exclusive use of business class passengers.  The aircraft will have reclining seats and a hot galley to enable the service of hot meals en route.

The Q 400 also has luggage capacity with lower fuel consumption and emission.

Samsung Electronics will launch a week long promotional event from the 18th of October in Ethiopia. The event will be held at the Sheraton Addis Hotel. The event will concentrate on technological innovation, entertainment and social development according to sources.

Samsung is committed to social development as evidence by its investment in technical schools in the country according to Tadewos Awel, Country Manager with Samsung East Africa.

The company expects to introduce new technologically innovative products at the week long event said Tadewos. The new range of products will be offered at special prices he added.

The 2nd African Trade Forum was held in Ethiopia under the theme of ‘“build on the political expression of support for the continental trade agenda and mobilize broad-based support for actualizing this vision.”

Agriculture and natural resources are significant points of departure in constructing regional value chains and proper management according to Carlos Lopes, Under Secretary-General and Executive Secretary of the UNECA.

The forum concentrated on boosting intra-African trade and means of establishing Continental Free Trade Area agreements to develop the continents capacity for production and enhance industrial performance.

Zemen Development and Management Institute, Ethiopia is to graduate its first batch of candidates for the Master of Business Administration and candidates for the International Diploma in Project Management in November.

The programs were offered in a joint effort between ZDMI and Cambridge International College and Castle College in the UK.

The MBA program is a two year program of full time study but students are allowed to extend the time required to up to three years if necessary.

The Ethiopian Revenue and Customs Authority is to launch a new system to control under invoicing for imported products.

A new computer program designed by Indian tech firm, The Center for Development of Advance Computing, is expected to transform the way the tax authority assesses tax according to sources.

The new system will set prices for imported goods on the basis of transaction costs which will be a better alternative to the not so successfully program currently being used by ERCA to avoid under invoicing. The pilot for the new system will be launched this month according to ERCA officials.