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The Private Sector Development Hub is to be transferred to Ethiopia’s national chamber by the Addis Ababa Chamber of Commerce and Sectoral Associations as of April.  

The transfer has been a point of contention between the Ethiopian Chamber of Commerce and Sectoral Associations and its counterpart for the city of Addis Ababa with both laying claim to the management of the PSD hub.

The leaders of the ACCSA and the ECCSA agreed to set up a steering committee co-chaired by the presidents of both chambers to make decisions on strategy and policy directions in regards to projects to be undertaken by the hub.

The Ethiopian Privatization and Public Enterprises Supervising Agency (PPESA) has offered the Ethiopian Mineral Development S.C. for full acquisition, Capita reported.

The Ethiopian Privatization and Public Enterprises Supervising Agency of Ethiopia is to set up a new enterprise on palm oil refinery at projected cost of 401.1 million Birr. The refinery is to be built with the expectation that once completed the enterprise will have an annual production of 300,000 tons, as it stated by the officials of the Agency.

The production will be equal with the annual import order of the state owned enterprise, Merchandise and Wholesale Trade Enterprise which covers 80% of the national demand currently.

The agency has invited interested parties both domestic and international, to bid in a public tender, for the construction of a crude edible oil refinery plant on the two locations allocated by the government.

Eyesuswork Zafu, veteran insurer, said last week that he would retire within two months from his position as the CEO of United Insurance. He has been the CEO of the insurance company for the last 17 years.

Eyesuswork, who is also the president of the Ethiopian Chamber of Commerce and Sectoral Associations, has been considering retirement from the insurance company for the last three years.

He said that although he would retire soon, he would continue to serve the company in the capacity of a councillor and an advisor. “As personal connections still matter in the insurance industry, I will be there to assist the company’s business.”

The Common Market for Eastern and Southern Africa Bank (PTA Bank) approved the 6 million US dollar loan requested by Access Resorts, Ethiopia. The National Bank of Ethiopia has also approved the loan according to sources.  

Access requested the loan for the renovation and upgrade work it expects to carry out on the former Imperial hotel.

The central bank approved the loan because Access was able to prove that it can pay back the loan in foreign exchange noted Alemayhu Kebede, Director of Change Management and Communications at NBE.