2merkato

Roads Authority Requests 20 bln birr

Monday, 13 June 2011

The budget earmarked for the 2011/12 fiscal year is over 100 billion birr, sources at the Ministry of Finance and Economic Development (MoFED) said. The draft budget proposal was scheduled for submission to the council of ministers last week.

The 2011/2012 budget is 20 billion birr more than the current fiscal year's budget.

About 45 billion birr of the total is set aside for regional states as a budget subsidy which was allocated by Prime Minister Meles Zenawi. The regional states will use 70 percent of their share of the budget for road construction projects to connect 18,000 districts throughout the country except those in Dire Dawa and Addis Ababa.
The road construction in the districts is estimated to cover about 76,000 kilometres, the Ethiopian Roads Authority, which was entrusted to survey the projects, has in and of itself requested a budget of 20 billion birr from the federal government. If the request is granted, about 50 billion birr will be spent on road construction alone in the coming fiscal year.

About 35.9 billion out of the current fiscal year's budget of 77.2 billion birr went to capital projects while 24.2 billion was allotted as budget subsidy for regional states, and 17.6 billion was set aside for ordinary expenses. However, an additional seven billion birr was approved when finances ran short in the middle of the year.

Source: The Reporter

National Cement S.C (NCSC), located in Dire Dawa, Ethiopia, has started exporting cement to neighboring Djibouti and Somaliland.

National Cement, the previously state owned Dire Dawa Cement Factory, commenced export after it began production with its full capacity following completion of   expansion at a cost of 2 billion Ethiopian birr.

The National ID program has officially launched the “Fayda App,” offering a one-stop platform for all Fayda services. The app, available for both Android and iOS, enables users to retrieve their Fayda number, access digital ID services, and select between a physical or digital ID card. Additional features include card printing options, customer support access, and a feedback system.

The National Insurance Company of Ethiopia registered 25.2 million in profit before taxes for the previous financial year. The profits recorded by the insurer have increased four times over in the last twenty years according to sources.

The company’s before tax returns had been no more than 5 million birr in the past years according to Tewdros Bogale, Deputy General Manager of Corporate Affairs with the NICE.

The insurance company’s net profit after taxes was nearly 18 million birr enabling it distribute 1096 birr per share to its shareholders.

The National Mining Corporation announced that it has 128 tons of gold ready to be mined in Ethiopia. The Gold is to be found at the Okote project operated by National Mining.

It is expected that the reserve will translate into a significant mine with little exploitative work and an appropriate definitive feasibility study claimed the corporation in the statement it released.

The overall reserves of the Okote concession to be found in Oromia Regional state are estimated to total 454 tons of Gold elaborated the statement. The site could potentially produce about 10 tons annually effectively doubling the gold output of Ethiopia explained a statement from National last March.