2merkato

Two Banks under formation in Ethiopia, Noah International Bank and Tsehay International Bank, submitted letters to the National Bank requesting the dissolution and release of equity raised by shareholders and placed in blocked accounts with the central bank.

Promoters of both banks cited the recent directive from the central bank that raised the required capital for banks from 75 million to 500 million as the reason behind the decision for dissolution. 

Noah Bank had raised 80 million birr and Tsehay Bank 100 million, which was previously adequate but far from the current requirements of 500 million. Promoters of the two banks claimed that the banks did not have the ability to raise the required levels of capital.

I.G. Entertainment Plc. in association with Wubshet Import & Export has organized an international exhibition for the first time in four European countries, Addis Fortune reported.

Chemicals and Construction Materials Development Institute announced two more cement factories will commence production in four months time. The factories are Ethio Cement and Dangote.

Two multinational mobile companies will obtain telecom licenses to operate in Ethiopia, a senior government official announced. This is the first detailed announcement of the government’s plans for opening one of the world’s last major closed telecom markets.

Chemical and Construction Inputs Industry Development Institute (CCIIDI) disclosed the construction of two soap and soap noodle manufacturing factories will commence soon.