2merkato

American President Obama’s nominee for the presidency of the World Bank, Dr. Jim Yong Kim is expected to travel to Ethiopia, China, Japan, South Korea, India, Brazil and Mexico over the coming month according to the US Department of Treasury.

Dr Kim will hold meetings with the heads of the states he will be visiting as well as with finance ministers and other stakeholders to review the priorities they envision for the World Bank in the coming years.

The trip will make a part of the initial phase of a ‘listening tour’ through which Dr Kim will solicit ideas and views from across the globe on the future for the international financial institution.

NRECA International has concluded a USD 200,000 agreement with the World Bank to draft a strategy on the expansion of electricity access for millions in Ethiopia.

Nyala Insurance Share Company has begun preliminary efforts to establish an Ethiopian re-insurance company. The company is carrying out initial studies to be presented to the board of directors according to Eyob Meherette CEO of the insurance company.

A local re-insurer will save Ethiopia the large amounts of foreign currency required by insurance companies to purchase policies from international re-insurers, said Eyob.

Nyala Insurance S.C, Ethiopia earned 56.1 million birr in net profit during the previous financial year according to the company report.

The insurer was able to gross 66.3 million birr in underwriting in the financial year setting a new company record it was noted. Earnings per share were said to stand at 1,233 birr according to the financial statement presented to shareholders at the company’s annual assembly held at the Sheraton Addis Hotel.

The insurance company’s earnings for the fiscal year showed a notable increase from the 35.8 million birr gross and 34.2 million birr net profit it had earned in the previous year. 

Nyala Insurance S.C (NISCO), reported a 32.4 percent rise in net profit in the 2012/13 fiscal year, Capital reported.

NISCO grossed 70.2 million Ethiopian birr and earned 57.5 million birr net profit after tax, a 2.7 million birr increase compared with its performance a year earlier.