2merkato

Earns $3 mln from export, plans cotton production on 30,000 ha   

Else Addis Industrial Development P.L.C, a textile factory, announced that it had started exporting textile products to different countries around the world.

The first time the company exported its textile products was in March. It exported textile products to the United States, Russia, Ukraine and the Far East countries, Dilek Durular, project coordinator of the company, said. 

Abu Thiyab Holdings Co, a Saudi company, announced that it was poised to inaugurate its water bottling plant in September 2011 in its factory in Ethiopia. The construction of the plant in Gelan, a 35 million birr investment on three hectares of land 35 km east of Addis Ababa, is almost finished.

Commercial Bank of Ethiopia signed an agreement for International Business Machines Corp. (IBM) to build a platform to deliver electronic banking services, as the bank intends to use new technology for the expansion of its business.

The expanded Messebo Cement Factory was inaugurated on Saturday, 25 June 2011. About 2.3 billion birr was spent on the expansion project.

ith the expansion project alone, the factory can produce 3,000 tonnes of cement a day and 1.3 million tonnes a year. Therefore the factory’s production capacity grows to 2.2 billion tonnes a year, according to Hatsey Berhe, general manager of Messebo Cement Factory.

Canaco Resources said this week that its shareholders had approved of the spin-out of Tigray Resources Inc. Part of the transaction will be the transfer of 4 million dollars and Canaco's 70 percent interest in the Harvest Mining PLC, which owns the Harvest VMS Project in Ethiopia, to Tigray. Sufficient funds will also be transfered for the recommended first phase drill program.

The Ethiopian Revenue and Customs Authority's (ERCA) Large Taxpayers and Western Addis Ababa branch offices are relocating this month from the headquarters building of the Ethiopian Chamber of Commerce and Sectoral Association to the authority's former headquarters at Beklo Bet.

The Large Taxpayers and Western Addis Ababa branch offices of the ERCA have been occupying five floors of the Chamber's building.

ERCA's central server for the registration of daily sales coming from customers' cash register machines had been installed in the Chamber's building in front of the Mexico Square. The central cash register machine server will move to the authority's current headquarters at Megenagna, officials said.

South Korean President Lee Myung Bak is scheduled to visit Ethiopia, South Africa and Democratic Republic of Congo from July 2 through July 11. The president will visit Ethiopia on July 8.

He is expected to discuss ways to expand cooperation with Ethiopia and the other African countries over various areas like nuclear power, energy and raw materials, his office said in a statement today.

Stratex announced today that AngloGold Ashanti, the world's third-largest gold producer, was taking an 11.5 percent share in Stratex Internationl Plc. The funds will be used for speeding up gold exploration in the Afar Epithermal gold province in Ethiopia and Djibouti.

AngloGold will make a 3 million pound private placement into Stratex.

Ethiopia signed a 590 million dollar grant and loan agreement with France to boost water and energy projects, as well as for the construction of electricity transmission lines with Kenya, the Embassy of France in Ethiopia said.

The agreement will enable the French Development Agency to develop water and sanitation schemes and support the management of geothermal and windmill projects.

M-Birr Limited, an Irish company, announced last week that it had concluded an deal with the National Bank of Ethiopia and Ethio Telecom to start providing mobile banking solution to financial institutions through M-Birr ICT Services Plc, its subsidiary Ethiopia.

M-Birr will install two huge data centres here which will support and streamline the mobile banking services. M-Birr will also train the staffs of financial institutions for which it will provide the services, Thierry  Artaud, CEO of M-Birr Limited and general manager of M-Birr ICT services Plc, said.

The mobile banking service, also known as SMS banking or M-banking, allows clients to check their balance, make transaction and payments from their accounts, and perform credit application and other banking transactions from their cell phones.

M-Birr has signed a memorandum of understanding with five micro-financial institutions like Dedebit. It will also hold talks with private and state-owned banks to provide them with the latest technology in the banking sector, according to Artaud.

The company will launch the project with an initial investment of 1.5 million euro.

The partly implemented National Payment System in the country is said to be ideal in supporting and streamlining such services as mobile banking among financial institutions.

Source: The Reporter