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The Ethiopian Shipping and Logistics Services Enterprise is to take charge of two tanker ships in October according to sources.

The ELSE ordered the two tankers along with seven multi-purpose ships in deals that total 293.5 million US dollars. 80 percent of the financing for the acquisition of the ships was covered by the Export-Import Bank of China.

The two tankers cost 37 million US dollars each while the 28 thousand ton multi-purpose ship where each purchased for 32.5 million US dollars according to sources.

A wire and cable manufacturing plant was inaugurated in Ethiopia by Siraj Fegesa Minister for Defense. The manufacturing planted constructed in the Oromia Regional State is expected to contribute towards alleviating the shortage of electric wires and cables in the country he said at the inauguration ceremony.

The products manufactured by the plant are expected to play a significant role in supporting the large infrastructural projects in the country including the construction of hydro electrical dams, railway systems, sugar factories, fertilizer factories, road networks and other industrial initiatives that are part of the national development agenda according to Shambel Assefa Yohannes, Manager of the Ethiopian Power Engineering Industry.

The World Bank has approved a 1.15 billion US dollar loan to fund a range of development activities in Ethiopia according to a statement issued by the bank.

The bank also approved a new Country Partnership Strategy for Ethiopia at the same time. The new strategy is intended to build upon the development of the country to encourage more growth, employment, health and education.

The ban released the interest free credit totaling 1.15 billion US dollars on the basis of the new strategy explained the statement.

The third African Bee keeping Exhibition has been launched in Ethiopia. The exhibition is intended to display bee products in Africa under the theme of: ‘Bee Keeping for Food and Combating Climate Change’.

The Ethiopian government has committed to supporting small hold farmers and the Api-Expo is expected to offer an opportunity for experience sharing second Mekonnen Manyazewal, Minister for industry opening the exhibition.

The issues of agriculture, food security and climate change are heavily interconnected and a focus of Ethiopia’s development agenda he said.

The agricultural sector is the livelihood of millions of small holders and is also expected to play a significant role in providing the raw materials for manufacturing enterprises in the bid for industrialization explained Mekonnen.

The Exhibition will offer a rare opportunity for small hold farmers in Ethiopia to engage with international and continental counterparts said Mulufird Ashagere, President of the Api-Expo Africa 2012 Organizing Committee.

The Ethiopian Sugar Corporation Signed a 500 million US dollar deal with the China Development Bank. The loan is intended to finance the construction of two refineries as part of plans to double output in the next ten years.

The Ministry of Finance and Economic Development and the Sugar Corporation signed a Memorandum of Understanding for the refineries to be built by the Metal Engineering Corporation in the Southern Regional State.

It is to be remembered that the Sugar Corporation launched the development of 10 plantations and refineries last year as part of its objectives to make the nation one of the 10 largest sugar exporters in the world. The plan calls for increasing the production capacity of the nation to 2.3 metric tons which is significantly higher than the 265 thousand tons produced by the country last year.

Ethiopia earned 462 million US dollars from the tourism sector in the last financial year according to the Ministry of Culture and Tourism.

The revenue was earned from 584,000 tourists who were entered the country to visit an range of tourist attractions around the country explained Awoke Tenaw, Director of Public and International Relations with the Ministry.

The number of tourists into the country increased by 14% in the last year while the revenue for the sector showed an increase by 69% in the financial year as compared to the previous budget year according to Awoke.

Indonesia is interested in increasing ties with Ethiopia in a range of investment sectors. The strong and friendly ties between the two countries can serve as basis of increasing economic ties in spite of the poor global economic situation said Ramli Saud,

Indonesian Ambassador to Ethiopia speaking at the event held to commemorate the 67th Independence of the country held at the Ambassadorial residence.

The relationship between the two countries is based on three pillars that of government to government, business to business and people to people he said.

Ethiopia is to host the 11th African Digital Summit in the coming March under the theme of ‘Broadband Strategies and Agendas: Acceleration and Alignment’ according to the Ministry of Information and Communication.

The summit is expected to focus on the need to create a sustainable African Telecom and ICT eco system to support growth and development according to Minister of State Peter Gat Cot speaking at the signing of the Memorandum of Understanding with co-organizers Extensia limited.

It is hoped that summit will enhance integrity in business and technology amongst nations and private stakeholders said Peter.
More than 350 participants representing large ICT companies, government representatives, international solution providers, regulators and major end users are expected to attend the summit he said.

Power exports to Djibouti earn 2.1 Million US dollars monthly according to the Ethiopian Electric Power Corporation.

The EEPCo is currently exporting 34-40 MW of electricity to Djibouti and is generating 2.1 million US dollars  every month said Meskir Negash, Head of Public Relations for the Corporation.  

EEPCo supplies the electricity between five in the afternoon to one in the morning which is not a peak demand period for domestic customers explained Meskir.

Ethiopia’s new Trade Practice and Consumers Protection Authority organized under the Ministry of trade is to launch activities soon.

The authority is intended to safeguard the rights and privileges of consumers to inspect good and to enhance the efficiency of trade according to proclamation 685/2010 which formed it.

The authority is managed by Merkebu Zeleke under the title of Director General and overseeing a range of departments including those focusing on investigation, research, implementation, dissemination and an attorney general.