2merkato

The Board of Directors of the African Development Bank (AfDB) has approved a financing package of USD 159 million to partly finance Ethiopian Airlines’ expansion plan and fleet modernization program. The package comprises two tranches, with the first tranche (85% of the financing) being covered by African Trade Insurance, Africa’s export credit agency, which will be providing credit risk insurance to the transaction. The investment is a reflection of the Bank’s new strategic thrust to achieve its five operational priorities and is rooted on the necessity to integrate Africa and improve air connectivity in the continent.

Africa Insurance Company, one of the private insurance companies in Ethiopia, made 406.8 million Birr in the last fiscal year. The performance is 16 percent or 56 million Birr higher than the company’s profit in 2014/2015.

Africa Insurance Company S.C. registered a 40 percent earnings per share and a total of 42 Million Birr as gross profit during the 2013/2014 fiscal year. This is according to the Insurance’s unaudited report.

Africa insurance Company, which is one of the oldest private insurance companies in Ethiopia, was able to collect Birr 585 million from life and general insurance premiums and earned Birr 32 million from life insurance during the past fiscal year despite economic challenges in the insurance industry.

The shares Africa Insurance Company S.C. floated witnessed a bid that is 57 percent higher than the price the company set.