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The Commercial Bank of Ethiopia announced reaching a 300 million US dollar credit arrangement with the Export-Import Bank of China. The money is to be used at the bank’s discretion said Yishak Mengesha, Chief Business Development Officer.

The details of the loan including interest rates are to be negotiated in the future according to Yishak.

Officials from Ethiopia and Kenya are working out the details for a power supply agreement. Ethiopia expects to supply Kenya with an initial 400 MW of electricity by the end of 2015.

Alemayehu Tegenu, Water and Energy Minister, is leading the Ethiopian delegation in discussions with Kenyan officials led by Kiraitu Murungi, Kenyan Energy Minister.

Ethiopian Airlines and the Boeing management are in discussions for the purchase of 5 more 787 Dreamliner aircraft said Tewolde Gebre Mariam CEO of the airlines.  

The move is part of Ethiopian Airlines’ expansion project he said. It is to be remembered that Ethiopian Airlines is expecting the delivery of 10 Dreamliner aircraft ordered in 2005.

The Ethiopian year-on-year inflation rate for November lowered to 39.2% from 39.8% in October according to official data released this week.

Consumer prices fell by 0.3% as compared to October, showing a decrease for the first time in nine months. Inflation for food items lowered from 51.7% in October to 50.3% in November.

Price pressure particular eased for items such as fruits and vegetables, spices, pulses, sorghum, maize explained the statement from the Central Statistics Agency. 

Nyota Minerals Limited is set produce an estimated 3000 kilograms of gold annually from its project in Tulu Kapi, Ethiopia. The company has finalized its exploration phase and preliminary studies to commence production said Dr. Kebede Belete, Country Manager.

The preliminary study has shown gold deposits of 1.5 million ounces (45,500 kilograms) in the area according to Dr. Kebede. The company has applied for a mining license to extract 3000kgs of gold annually for a period of ten years. 

Three international companies have expressed interest in investing in gold exploration and extraction with Ambo Nyemer in Ethiopia. Ambo Neyer is launching its first project to explore and extract gold deposits in Oromia Regional State.

The potential investment from foreign firms was confirmed by Niguse Gedeffa, Marketing Head for Ambo Nyemer. Discussions are still in early states according to Niguse who declined to identify the parties interested in investing in the project.

Awash International Bank, Ethiopia awarded three architectural firms for branch office building designs. The three firms presented architectural designs for AIB branches in Hawassa and Addis Ababa.

The design for the 6 storey Hawassa branch presented by MH Engineering was commended for flexible office arrangements by the jury which selected the winners.

Zeleke Belay’s design for the Awash Branch in Lideta, Addis Ababa offered easy street access while the Bulbula, Addis Ababa building design submitted by Studio Seven won for its simple composition, easy access, and good climate control potential according to the jury.

Ethio Telecom announced that it has raised the salary of its employees by an average of 30%. The Ethiopian telecommunications provider offered employees back pay from July 8th of this year.

The raise was delayed by two years from when Ethio Telecom promised an increase. The employees at the telecommunication provider had not received a raise since the former Ethiopian Telecommunications Corporation was reorganized as Ethio Telecom. 

The Ethiopian Transport Authority expects to commence automated vehicle testing as soon as next month it was reported. The authority is close to set standards for vehicle testing in Ethiopia.

The standards are being modeled on those established by other countries such as Indonesia and Kenya and customized to fit the realities in Ethiopia according to officials at the authority.

The export earnings of Ethiopia, for the month of October, were short of the targets set by the Ministry of Trade it was said. The Ministry of Trade of had set an export target of 300 million US dollars while export earnings totaled 200 million US dollars.

The export earnings for livestock, coffee, beverages, Khat, flowers, spices, wax, leather and leather products amongst others were 50-99% of targets. The export earnings for the month of October are also slightly less than the same time last year.

Export earnings were below target because the export of some products such as unfinished leather was halted said Abdurahman Seid Public Relations Deputy Coordinator of the MoT.