2merkato

Allana Potash announced the discovery of 1.2 million tons of potash deposits in the Dallol depression of Afar Regional State.

The Canadian company engaged in large scale mining exploration in Ethiopia anticipates launching into production in one year to supply more than 2 billion US dollars worth of potash.

The Canadian-based Alana Potash, which has been undertaking a massive mining exploration in Ethiopia, has announced it has discovered over 1.2 million tons of potash deposit in the Dallol depression of Afar region. It also anticipated that it would transform itself into production the potash that it estimated to sell for over two billion dollars of the mining in one year.

The Association of Chartered Certified Accounts is lobbying for the launch of a capital market in Ethiopia said Martin Turner Vice President of the ACCA.

The ACCA will consult with Ethiopian policy makers and regulators to support the establishment of a capital market in Ethiopia he said.

Ethiopia will need access to capital if the country is to grow its presence on the international stage according to Turner. The country could gain access to capital in many ways but a capital market is a very important element he noted.

The new CORE banking system of the Commercial Bank of Ethiopia has successfully integrated above 100 branch offices across the country.

The bank installed the Temeno banking system from a Swiss vendor two months ago.

The system still has been encountering some problems related to logging in and accessing customer accounts due to poor internet connectivity according to some tellers at CBE branches.

The trade value of the Ethiopian Commodity Exchange has reached 21 billion birr in the current financial year while its trading volume has increased to 601,000 tons announced the ECX.

The trading value of the Exchange increased by 21% while its trading value showed an increase of 23% noted the company press release.

The increase in trading volume included the 52% increase in the trade in white pea beans, which reached 64,000 metric tons and a 38% growth in sesame trade to 303,000 metric tons.

The 3rd Metal and Engineering International Exhibition was opened in Ethiopia. The exhibition is targeted at promoting the metal industry sector and developing market relationships between the domestic and international metal institutions.

It is expected that the exhibition will serve as a platform to bring together those engaged in the sector.

Several project launched in Ethiopia as part of developmental initiatives such as the railway network, hydro electric power generating dams, sugar and fertilizer factories all require a significant amount of input from the metal sector according to Tadesse Haile, State Minister for Industry.

The Aviation Academy of Ethiopian Airlines, Ethiopia’s flag carrier, graduated 106 pilots, cabin crew and marketing agents.

Twenty of the graduates are pilots, while 43 are cabin crew and 43 are marketing trainees.

The graduating pilots have successfully completed the commercial piloting course offered by the academy with instrument and multi-engine ratings. Trainees undertook 695 hours of instruction in class and 170 hours of practical flight training on both multi-engine and single engine aircraft as well as 25 hours in a range of training devices and simulators throughout the course of the two year training program.

A high level study being conducted by various government institutions to form a new is new corporation in Ethiopia is near completion. The new corporation known as the Ethiopian Trade Enterprise will be a merger of three public enterprises: The Merchandise Wholesale and Import Trade Enterprise, The Procurement Services Enterprise and the Building Materials and Supplies Enterprise.

The study has been in progress for the past six months conducted by a committee made up of officials from various institutions such as the Ministry of Finance and Economic Development, Ministry of Trade, and the Ministry of Industry.

The committee, chaired by Neway Gebreab, Economic Advisor to the Prime Minister, is in the process of recruiting employees for the new corporation said a non-authorized source.

The city administration of Addis Ababa, Ethiopia proposed a 16 billion birr preliminary budget for the next financial year. The budget gives priority to water and sewerage services which make up 13% of the financial plan.

The preliminary budget prepared by the Finance and Economic Development Bureau of the city will be tabled before the Addis Ababa cabinet which is chaired by Kuma Demkssa Mayor of the city.

The proposed budget is 4.2 billion birr more than that for the current fiscal year.

The office of the Prime Minister of Ethiopia has approved the 1.7 billion birr soft loan from the Export-Import Bank of China for the water wells project of the Addis Ababa Water and Sewerage Authority.

The loan has been referred to the Budget and Finance Standing Committee of the House of Representatives before being tabled before the Parliament for final approval.

The project will be launched after receiving final approval and is expected to be complete in two year’s time.

Exports from Ethiopia to the United States are still much lower then would be expected in light of the African Growth and Opportunity Act enacted by the US in the year 2000 to help sub-Saharan Africa export more to the US.

Although Ethiopian exports to the United States have grown steadily to reach an estimated 144.5 million US dollars the growth is much less than that seen in other African countries.

Ethiopia hopes to emulate the experiences of countries such as Mauritius and Lesotho to enhance its textiles trade to earn up to a billion US dollars in textile exports in the coming years.