2merkato

Nib International Bank, Ethiopia officially introduced a new logo last week. The new logo is in line with the banks desire to re-brand to meet customer expectations and to better reflect the banks mission, vision and core values.

The Board of Directors and the management team exerted effort to create a new brand that is consistent with the services that the bank offers and the new developments that are taking place at the bank said Tafesse Bogale, Chairman of the NIB board.

The new brand and logo were created in a manner that will allow domestic and international customers to quickly recognize the bank without necessitating a name to be attached.

Flinstone Homes, Ethiopia transferred 527 homes constructed at the Twin Crossing Site in Addis Ababa.

The real estate company constructed 450 apartments, 60 town houses and 40 Villas at the site which is located in a sub urban setting with scenic views as well as access to a four lane high way and several private housing developments in the area.

The private sector housing projects complement the urban development program which is designed to alleviate the shortage of housing in the city according to Hailemeskel Tefera, State Minister for Urban Development and Construction.

Ethiopia has exported more than 154 tons of tantalum to the international market in just the last ten months according to the Ministry of Mines.

The tantalum exports earned an estimated 7 million US dollars in revenue said Bacha Fuji, Director of Public Relations with the Ministry.

The amount earned exceeds the amount raised during the same time in the previous financial year by 4 million US dollars according to Bacha.

Salasar Compounds plc, Indian owned manufacturer of plumbing fittings is to launch products. The company will be manufacturing cover faucets for bathrooms and kitchens under the Abay brand.

The plumbing fittings will be manufactured in three styles all with anti-rust qualities for use in all types of bathroom and kitchen faucets. The three styles have been labeled Classic, Diamond and Eco.

Salasar expects to have 20 products on the market within six months according to the company.

Ethiopian Airlines is to improve cargo services to increase foreign trade in the country. The airline is in the process of constructing a cargo terminal with the capacity to handle 1.2 million tons of cargo as part of its ambition to improve the services according to the Public Relations Office of the airline.

The construction of the terminal will be carried out in two phases.

Ethiopian will also plan to construct a cold warehouse in the next four months to aid in efforts to develop cargo services.

Ethiopian flower exporters are considering entering the Russian flower market directly. Exporters were not able to access the large Russian market because Ethiopian Airlines does not offer flights to Moscow according to sources.

Currently Ethiopian flowers are exported to the Netherlands with the Netherlanders exporting to Russia under their own tag.

Ethiopian Airlines, the Ministry of Transport, the Ministry of Foreign Affairs, and the Ethiopian Airlines are working to facilitate the processes to launch cargo flights to Moscow said Endashaw Yigezu, Head of Air Transport and Planning at a consultative meeting held by the Ethiopian Civil Aviation Authority.

The African Development Bank is developing a strategy that will allow it to enhance its financing to the private sector in Ethiopia.

The minimum amount of loan that the bank offers to private companies is 10 million US dollars said Gebriel Negatu, Director of the AfDB’s East African Regional Center speaking at an event to introduce the new policy strategy with leaders of the East African private sector held at Addis Ababa, Hilton.

The private sector in the country is not yet able to sustain large loans which make it difficult to provide financing in Ethiopia said the Director.

Tsehay Industrials plc is to takeover the publicly Kality Metal Products Factory three months after being declared the winner in the privatization bid tendered by the Ethiopian  Privatization and Public Enterprises Supervising Agency.

The handover process was delayed for three months while the agency reviewed the company’s financial capacity to run the factory once it takes it over.  Tsehay acquired the manufacturing company for 55 million birr and has paid 35% pre-payment and will pay the remaining 65% over five years.

Ethiopia is to build a new international airport between Meki and Modjo roads to address the growth of air traffic at Bole International Airport, Addis Ababa.

The Ethiopian Airport Enterprise is conducting a study to build a new international airport said Colonel Wossenyeleh Hunegnaw, Director of the Ethiopian Civil Aviation Authority.

Bole International Airport, Addis Ababa currently services more than 150 flights daily with Ethiopian Airlines accounting for more than 60 departures a day while the numbers of international carriers operating in out of the airport have also increased to 13 contributing to the need to build a new airport explained the source.