2merkato

The Development Bank of Ethiopia (DBE) is set to approve a 684 million birr loan request from Dutch Velocity Dairy plc a company engaged in the making of milk and milk products. The loan will be the largest loan to the dairy sector in the bank’s history.

The loan request from the project was fast tracked as part of the bank’s plan to expedite loan requests said Tadesse Hatiya, Vice President of Credit Services with the DBE.

The bank was able to make the necessary evaluation and come to a decision within 38 days which is an improvement on the six months it used to take to process such requests in the past explained Tadesse.

Ethiopia is ready to approve a mining license for Nyota Minerals Ltd to allow it to develop the Tulu Kapi gold concession that it had been in the process of exploring according to Sinknesh Ejigu, Minister of Mines.

The ministry has agreed with the company on the technical and environment terms of the arrangement and is in the process of finalizing the economical aspects said Sinknesh. It is expected that Nyota will obtain the mining license at the end of the negotiations she said.

The Ministry of Industry announced that it would ban the export of crusted leather as of December 2011 due to price hikes and the scarcity of supplies.

The ban aims to control the price hike of hides and skins in the market, and as a result force out the middle men who speculate on prices according to Berhanu Serjabo, director of corporate communication of the Leather Industry Development Institute under the ministry.

Ethiopia is to ban the export of rough opal as part of an effort to encourage exporters to add value to gemstone and earn increased revenues according to sources at the Ministry of Mines. The ban on opal exports will be the second similar action following the ban of unprocessed tantalum just five months ago.

Almost 80% of the rough opal, used in the production of jewelry and ornaments, is primarily exported to India.

There are currently 17 associations made up of than 2 thousand miners are currently engaged in the mining of opal in the Amhara Regional States. The artisan miners in these associations sell the gems to an estimated 200 exporters licensed by the ministry.