Remittance service launched with CBE signals evolution of Ethiopian payment ecosystem
Addis Ababa, Ethiopia – September 21, 2016 – HomeSend and the Commercial Bank of Ethiopia (CBE) today announced a new remittance service at the US-Africa Business Forum, that will allow more than 100 million Ethiopians to send funds directly to any mobile number in the East African country.
Horizon Plantations, subsidiary of MIDROC owned by the Ethio-Saudi billionaire Mohammed Al-Amoudi, has acquired full ownership of Bebeka Coffee Plantation S.C and Horizon Addis Tyre after it bought the Ethiopian government’s shares in both enterprises for 667.2 million Ethiopian birr.
The Ethiopian government’s share in Bebeka was 36 percent, which is sold for 207.8 million birr and the governments share in Horizon Addis was 31 percent.
Horizon Addis, the only tire manufacturer in Ethiopia, is set to invest 1.1 billion birr on an expansion project. Horizon is in the
process of negotiations with one of the top tire manufacturers in the world, Continental Germany, to exchange its antiquated machinery for the latest equipment.
One of the new machines that Horizon is planning to install is a 30 million birr machine that can produce 80,000 pieces of light truck radial tire every year. It is expected that the new machine will begin production in the coming September allowing Horizon to supply higher quality truck and bus tires.
It is expected that the expansion program will be completed in 18 months according to Belay Dechasa, General Manager of Horizon.
The Ethiopian Agricultural Authority (EAA) and the Netherlands Centre for the Promotion of Imports (CBI) have signed a Memorandum of Understanding which aims to increase the competitiveness of Ethiopian agricultural products on the international market. CBI is an agency of the Ministry of Foreign Affairs of the Netherlands that contributes to sustainable and inclusive economic development in developing countries by expanding exports from these countries to Europe.
Hospitality Group's 2015 survey ranked Ethiopia eight out of the top ten countries for chain hotel developments in pipeline with 1,326 rooms.
