2merkato

The Afar State Mines Resource Development and Job Creation Bureau is actively working to increase revenue from the mining sector and tap into the untapped potential of the region. Its goal for the current fiscal year is to collect Birr 50 million from mines, with a focus on enhancing the sector's revenue. In the previous year, It successfully collected Birr 35 million Birr, in line with the region's target.

In addition to being recognized as the birthplace of humanity, Ethiopia's hottest region, Afar, boasts several captivating tourist attractions such as Awash National Park, Dallol, Erta Ale, Lake Afedera, and Alalo Bad Fel. However, the region’s tourism sector experienced a slow growth over the past three years.

Africa Finance Corporation (AFC) has announced a USD 600 million financing facility to Greenview Fertiliser Corp., Dangote Group’s fertiliser holding company, to support the group’s fertiliser expansion programme in Nigeria and Ethiopia.

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.