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Ethiopia has earned 654 million US dollars from the export of minerals including gold, platinum, tantalum and decorative stones and gem stones in the just concluded fiscal year according to the Ministry of Mines.

The mining sector is becoming a significant source of export income according to Bacha Fuji Director of the Public Relations and Communications Directorate with the ministry.

The sector targets generating foreign currency as well as adding value to the GDP with 455 Million US dollars of the total revenue earned by artisan miners he noted.

Fourteen private banks currently in operation in Ethiopia have been able to make more than 3.5 billion birr in gross profit in the just ended financial year in spite of challenges associated with the measures imposed on the lending ability of private banks by NBE.

The largest portion of the profits went to Dashen Bank which earned 896.5 million birr in gross profits for the 2011-12 budget year which is nearly double the 451 million birr net profit it registered in the previous fiscal year.

Awash International Bank grossed 543 million birr coming in second making it one of the only two banks to earn more than half a billion birr in gross profit in the last financial year. It is to be remembered that Awash registered 505.5 million birr in the previous financial year.

Ethiopian exports from Ethiopia in the just ended financial year are 100,000 tones short of the projected exports according to an unofficial source.

The exports are below projection and lower than what the country exported last year although exports did show signs of increasing in the final two months of the concluded fiscal year noted experts.

The demand for coffee was reduced by the international economic meltdown that has affected major export destinations and the bumper harvest acquired by the world’s largest producer of coffee, Brazil.

Bombardier is to demonstrate the capabilities of its new C series aircraft to Ethiopian Airlines. The Canadian Aircraft Manufacturer is ready to begin talks with Ethiopia executives on a possible purchase of the new C series aircraft according to Eric Martel, President of Customer Services and Specialized and Amphibious Aircraft with Bombardier.

The manufacturer is not sure if Ethiopian is interested in the aircraft but plans to offer the airline an opportunity to evaluate the new aircraft said Martel.

The C series aircraft are more fuel efficient, comfortable and require minimal operating costs as advertised by their manufacturer.

In related news Ethiopian Airlines put in an order for an additional Boeing 777 aircraft. The 777-200 Long Range Worldliner will be an addition to Ethiopian’s fleet of five 777-200 LRs said a joint announcement by the airline and the manufacturer.

The Commercial Bank of Ethiopia approved a 942 million birr loan for MIDROC Ethiopia. The Board of Directors of the commercial bank approved the loans two weeks ago.

850 Million birr of the total loan will be disbursed for the Grand African Union Hotel Project while 92 million birr is expected to finance the construction of the Maya PP bag factory. The bank is holding the two properties as collateral against the loan.

The African Union Hotel will be constructed on land granted to the AU by the Addis Ababa City Administration in 2006. MIDROC proposed to cover the full cost of the construction of the hotel in exchange for a transfer of the title bid for the plot after the AU has floated a tender for the construction of the hotel.

Ethiopia and China signed a memorandum of understanding to promote the development of trade between the two countries.

The agreement stipulated that the nations exchange information on trade policies, investment opportunities, taxation, legislative changes and general national economic status.

China is a proven ally of Ethiopia as witness by the ever growing economic relations between the two countries said Mulu Solomon, President of the Ethiopian Chamber of Commerce and Sectoral Associations.

The city administration of Addis Ababa, Ethiopia has paid an estimated 586 million in compensation to residents forced to move due to ongoing redevelopment plans in just the past fiscal year said the Ethiopian capital.

470 million birr of the total was paid to citizens whose houses were demolished in the redevelopment with payments ranging from 51,875 birr to 6 million birr.

Four new projects have already been launched on 47 hectares with the former six other projects on 108 hectares in the works it was said.

Ethiopian Airlines received the Transformation Award from Planet Africa Network at an event held in Toronto earlier this week.

Ethiopian received the award for transforming lives in the African Diaspora through its efficient aviation services.

The award ceremony was attended by Mr. Bal Gosal, Canadian Minister of State for Sports, Mr. Howard Eng. Chief Executive of the Greater Toronto Area Airport, Ato Tewolde Gebremariam, Chief Executive of Ethiopian Airlines and other dignitaries.

The budget set for the Ethiopian Civil Aviation Authority for the just beginning financial year is 143.4 million birr according to the authority.

The budget will go to finance projects that range from implementing control mechanisms for the aviation industry to the various airport and airstrip projects across the country.

The projects to upgrade the tower and to improve radar at Bole International Airport, as well as the construction of the Gambella Airport tower, the tower and air navigation facility construction at Kombolcha airport and the purchase of flight calibration consoles will all be financed by the proposed budget.

Ethiopian Airlines made its maiden flight to Toronto this week landing at Pearson International Airport. Toronto will be the second destination for the airline in North America next to Washington D.C.

The flight was commemorated by an event attended by Ato Deriba Kuma, Ethiopian Minister of Transport, Ms.  Michèle Lévesque, Canadian Ambassador to Ethiopia, Mrs. Hazel McCallion, Mayor of Mississauga, Mr. Howard Eng. President and Chief Executive Officer of Greater Toronto Airports Authority.

The flight was welcomed with music, a water salute and dance performance at the terminal, ribbon cutting and cake.