Ministry of Public Enterprises (MoPE) made 10 times more than what it had targeted for the just ended fiscal year. The performance was the highest Ethiopia ever saw. The Ministry earned 12.6 billion Birr during the period.
The Privatization & Public Enterprises Supervising Agency’s (PPESA) tender to privatize state owned enterprises again failed to attract bidders, Fortune reported.
The Agency put Caustic Soda S.C. and Ethiopian Mineral Development S.C. on the auction block in October, however it failed to attract not even a single bidder.
Ministry of Finance announced that imported and domestically produced electric vehicles would be subject to lower customs tariff and full VAT, excise, and SUR tax exemptions while electric automobiles which would be assembled in Ethiopia would be fully exempted from customs duty obligations. However, imported electric automobiles will be subject to 15% customs duty.
Progress Bank started to sell shares after acquiring permission from the National Bank of Ethiopia. The organizing committee of the Bank gave a press conference last week on Tuesday and revealed that the Bank was officially launched on May 11, 2022 at Friendship Park. According to the committee, the bank aims to support civil society organizations (CSOs) and minimizing their reliance on foreign aid by establishing various fund generating schemes.
Habesha Cement S.C. has secured a letter of credit (LC) for its Chinese contractor from the Eastern & Southern Africa Trade & Development Bank, known as the PTA, Fortune reported.
