2merkato

A federal court in Ethiopia ordered Horn International Bank to be stricken from the commercial register last Wednesday. Horn International Bank was under formation by Eritrean majority share holders before the onset of the Ethio-Eritrean war.

The liquidator, Bibawi and Company, was instructed to transfer the money it was administering to the National Bank of Ethiopia. The National Bank will pay the money to shareholders on presentation of relevant evidentiary documents.

All documents of Horn International Bank are also to be transferred to the central bank.

Ethiopia launched a green economic growth strategy estimated at 150 billion US dollars over 20 years. The program aims to develop Ethiopia into a middle income economy by 2025 without an increase in greenhouse gas emissions.

The strategy is the first of its kind to be implemented in Africa but could be duplicated in other countries said Dr. Ababa Haile-Gabriel, Director of the African Union, Rural Economy and Agriculture Department.

The Mayor of New York City has named Bethlehem Tilahun as a New York City Venture Fellow in recognition of her achievements as an international entrepreneur. 

“This is really exciting. New York is a global business hub and I am really excited to be receiving this distinguished fellowship from Mayor Bloomberg,” said Bethlehem.

The NYC Venture selects 20-30 entrepreneurs from New York City and around the world through a competitive nomination process.

The Metal and Engineering Corporation and the Sugar Corporation signed an agreement to build Kesem Sugar factory with Complant, a Chinese company. Kesem Sugar factory is one of ten new sugar factories to be built in Ethiopia.

The agreement was reached for the Metal Engineering Corporation to consult with Complant for the design of the factory. The Corporation will construct the factory and install machines as well as handling other civil works.

The Ethiopian Airlines Aviation Academy has been officially recognized as an approved part-147 type maintenance training organization by the European Aviation Safety Agency.

The recognition from the European agency approves the Ethiopian Aviation Academy to offer international standard technical trainings to produce a professional work force for itself and other carriers.

Ethiopia signed a trade and economic cooperation agreement with China on Wednesday. The agreement was signed at the Ministry of Finance and Economic Development.

China will grant a 100 million US dollar loan and provide 65 automobiles and 25 buses to Ethiopia as part of the agreement.

The loan is expected to finance the Addis Ababa deep well water supply projects and the vehicles will be used as transportation for state guests said the MoFED.

Ethiopian Potash Corporation has announced that it has completed 16 diamond drill holes totaling 3,353 meters on its Danakil Potash Project. The initial 16 holes were drilled in the South-west Target Area.

Ethiopia Potash is currently drilling holes 17 and 18 to test the northern continuation of the South-west Target Area. All holes have intersected the Danakil Potash bearing sequence.

Vehicle owners in Ethiopia without third party vehicle insurance after the 10th of December will face disciplinary action. The deadline for registration was set by the Insurance Fund Office last September.

The Insurance Fund Office is in charge of setting tariff rates, preparing windshield sticker and certificates, handling emergency claims and third party claims for uninsured or untraced vehicles.

The office has delegated the Ethiopian Insurance Corporation to act on its behalf in all areas except for the setting of tariff rates.

Ethiopian Entrepreneur Bethlehem Tilahun won the Most Valuable Entrepreneur Award at the Global Entrepreneur Week event.

“I am honored to be given this award. I accept it with the full knowledge that not simply hard work, but good fortune and having a great team beside me, have allowed me to achieve my dreams. That is the true power of entrepreneurship - it involves not only an idea and a single person, but also those who will follow that idea, dedicate themselves to it and   make it a living and breathing reality. It is within this process that greater shared prosperity for the many can be achieved" said Bethlehem on receiving the award.

The Ethiopian government is taking measures to reduce the rate of inflation to single digits this fiscal year according to the National Bank.

The government has stopped borrowing from the central bank as part of the effort to reduce inflation explained bank executives speaking to the Budgetary and Finance Standing Committee of the House of Peoples' Representatives on Monday.