2merkato

The Bole International airport, Ethiopia Revenue and Customs Authority lost an estimated 30 million birr in revenue to fiber optics network failure that lasted for two days last week.

The optical fiber network failed for the second time in 50 days due to alleged damages to the lines around the Bole Michael area according to sources.

A similar problem that occurred at the beginning of the month of February had shut down the Customs office for three days resulting in an estimated loss of 40-50 million birr in revenue.

Government officials and financial institutions discussed with Chaltu Sani, the Minister of Ministry of Urban and Infrastructure, today on the provision of housing development financing. The discussion focused on the possibility of realizing the aims of the 10-year master development plan on development options.

The Ministry of Finance, Commercial Bank of Ethiopia, and Senior Officials of Addis Ababa City Housing Development attended the discussion. The discussants vowed to work together in the future.

Source (including image): Fana BC

Investors have expressed in partnering with Nyota Minerals in efforts to develop its gold concession in Ethiopia. The interest expressed by financiers increases the company’s confidence in the project announced Nyota.

Nyota is in the process of finalizing plans to develop a 250 million US dollar mine Ethiopia and is seeking to raise funds through a combination of equity and credit.

The company has considered selling a stake in the project as one option for financing according to Richard Chase, Chief Executive for Nyota. The company has been approached by several investors interested in a acquiring a stake in the project expected to be the second gold mine in the country he said.

Equity Group Holdings Ltd.’s financial technology unit said it was discussing with six Ethiopian banks to cooperate on cross-border mobile payments and ecommerce.

The first Ethiopian briquette factory, the African Briquette Factory, was inaugurated. The inaugural ceremony was attended by Wondemu Tekle, State Minister for Water and Energy and Dr. Tewoldeberhan Geberegziabher, Director General of the Federal Environmental Protection Authority as well as other guests.

The factory is producing 120 quintals of briquette, in one work shift, and is marketing the product in 10 and 50 kilogram packages according to Gerd Ladstatter, General Manager of the factory.

The briquettes are an important alternative to firewood in light of urbanization and population growth he said. It helps combat deforestation and environmental pollution by using recycled material explained Ladstatter.