2merkato

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.

Leather exports from Ethiopia earned 11.7 Million US Dollars in revenue in the month of June according to the Ethiopian Leather Technology Development Institute.

The revenue was earned through the export of products that include finished leather good such as shoes and gloves noted Birhanu Sirjabo, Director of communications with the Institute.

The amount earned in the month is 4 million US dollars more than what was earned in the month of May he claimed.

The city administration of Addis Ababa, Ethiopia is to launch a new low cost housing scheme soon.

The new program is intended to meet the needs for middle income residents who are able to make the 40% down payment on the price of the housing before acquiring the home and the remaining 60% to be paid over a period of time that will be determined by the administration when the project is officially launched according to sources.

The houses under this scheme are planned to be of a higher quality and more spacious then those constructed in the condominium development program.

Registration for the new program will begin soon according to Mekuria Haile, Minister for Urban Development and Construction.

The Addis Ababa Chamber of Commerce and Sectoral Association reached a partnership agreement with the Ethiopian Development Research Institute.

The collaboration between the two organizations is intended to enhance development in the private sector through improving the low performance seen in the areas of business competition, managerial skills and lack of flexibility.

Profit in the market generally arises from efficiency but traditional practices in the Ethiopian market allow dominant traders to benefit from largely inefficient means which is abnormal explained Newai Gebre-ab, Executive Director of the EDRI.

The Metal and Engineering Corporation concluded a deal to acquire the Ethiopian Riviera International Hotel, primarily owned by Alem Fitsum.

The deal includes the three star hotel and a PVC and plastics manufacturing plant located behind the hotel.

The deal was struck for approximately 140 million birr with negotiation still going on and handover expected in the coming weeks according to sources. MetEc aims to utilize the hotel to house guests that will stay for more than a month saving it a lot of money according to an unofficial source with the corporation.

Addis International Bank has reached an agreement worth 600,000 US dollars with Intrasoft Technologies Ltd. for the Installation of its CORE Banking Solution.

The Indian based technology supplier IntraSoft will provide centralized, online, real time, electronic banking solutions as per the mandatory requirement set by the National Bank of Ethiopia.

Addis is the last of the 17 operational banks in Ethiopia to reach such an agreement with a software company.

The Ethiopian House of People’s Representatives approved the budget for the federal government just began fiscal year yesterday.

The bill was endorsed by the parliament with one abstention after the house studied the report and recommendation presented by the Standing Committee for Budgetary and Financial Affairs.

The house also approved the Chat Excise Tax proclamation which is designed to ensure equity in the collection of tax due on Chat trade.