New Equity Firm Opened in Ethiopia
New private equity firm opened in Ethiopia, Ascent Capital, is set to finance local businesses including newly established businesses. It is the second equity firm in Ethiopia, following SGI.
New Ethiopian Bill to Allow the Establishment of Legal Firms
The Ethiopian Ministry of Justice (MoJ) has drafted a new bill that authorizes the establishment of legal firms for the first time. The draft bill allows the establishment of law firms offering advocacy services as ‘Ordinary Partnerships’.
The new bill will prohibit members of a law firm from membership in multiple legal firms and from providing private advocacy services.
New Fees to be introduced by Ethiopian Cargo
Ethiopian Cargo is to introduce new fees for various services it offers in Ethiopia. The new fees are expected to include charges for security screening, port handling, terminal use and terminal transfers. There were no charges for these services provided previously.
Fees will be modeled on what Ethiopian Airlines has been paying in external airport terminals. Such charges are common to goods shipped by private companies in other countries according to industry experts.
New Firm Starts Assembling Gold Mining Machines in Ethiopia
Two international companies named, Minelab Electronics and SK Mining Equipment has formed a joint venture to assemble small-scale gold mining machines in Ethiopia, according to the Daily Monitor.
New Fund Set Up to Support Ethiopia's Textile and Garment Industry
In collaboration with Ethiopia, the United Kingdom and Germany have set up a new fund to support Ethiopia’s textile and garment industry, with special consideration of COVID-19’s effect on the economy. The partnership has $6.5 million invested at its launch and aims to safeguard the industry.
