Zemen Bank has secured a USD 30 million trade finance facility from the International Finance Corporation (IFC), a move aimed at bolstering the country's import and export activities.
Zemen Insurance announced at its 6th regular general meeting of shareholders that it achieved a substantial growth in premium income over the past fiscal year.
Zemen Bank disclosed it made a gross profit of 165 Million Birr and a net profit of 128 Million Birr during the last fiscal year. This figure is 36 percent higher than the Bank’s 2012/2013 fiscal year performance which saw 123.8 Million Birr before tax profit.
Zemen Bank SC, one of the private banks in Ethiopia, disclosed it has registered a net profit of 263.8 million Birr in the last fiscal year. This is a 30.5 percent increase compared to the previous fiscal year’s performance.
The Chinese telecom company ZTE concluded installation work for 1,234 kilometers of optical ground wire, also known as OPGW lines, in Ethiopia. The contract for the installation, which was worth 37 million USD, was signed on May 2013 between the Chinese telecom giant and Ethiopian Electric Power.
