2merkato

A finance package of U.S. $ 865 Million has been closed by the Ethiopian government for the purpose of funding some of the nation’s railway infrastructure.

The Ethiopian Council of Ministers is considering a new energy bill that will elevate the Ethiopian Electric Agency to an authority with additional regulatory authority and revenue generating capacity. The new bill will replace the one that has been in place for the last 15 years.

The new authority will be in charge of regulating energy conservation and efficiency, to set off grid tariffs, and to license private investors in electrical work according to the initial draft sent to the Ministry of Energy.

A board of five members has been suggested for the prospective authority should the bill be ratified.

The Revenues and Customs Authority of Ethiopia is considering the reduction of the 20 million birr capital required of IT companies interested in supplying the electronic cargo tracking devices to be installed on freight tracks traveling to and from Port Djibouti.

The tax authority has not certified any suppliers yet because the established requirement proved to be a deterrent according to sources.  

Complaints received from the IT sector has led ERCA officials to re-evaluate their requirements based on an assessment of practices in place in other countries.

The Ethiopian government has finalized a study on electricity tariff reform, submitted to the Petroleum and Energy Authority. This initiative aims to recover electricity provision costs due to the declining global purchasing power of the dollar.

Prime Minister Abiy Ahmed reported to the Ethiopian Parliament yesterday that Ethiopia registered growth in various economic sectors. According to the Prime Minister, the agriculture sector registered a 6.1% growth in the last fiscal year.