Blog – Page 113 – Ethiopian Business Review

Ireechaa is one of the centuries-old thanksgiving celebrations in Ethiopia. Nature adorns itself with its trade mark color of green and sprinkles colors from the rainbow over that background during spring. Spring also marks the end of the gloomy days of winter and heralds the beginning of the era of beauty. The Oromo people come together to praise Waaqaa, the Almighty God, for renewing life and refreshing nature. Embellished in cultural attire and flowers, they ceremonially march to the Hora, water body, near them.

Meskel is one of the holidays in Ethiopia that is celebrated in a unique euphoric way. Despite the nationwide celebrations, some communities designate the holiday an elevated status than the rest. In such communities, Meskel is a time for people to get back to their homelands and spend some quality time with relatives and loved ones. Celebrated with special food and drinks, Meskel has assumed a notable socio-economic role in many communities. The COVID-19 pandemic has, however, disrupted the tradition in some of these areas. EBR’s Ermias Mulugeta looks into the relatively somber celebrations this year.

Contracting on the sale and transfer of immovable properties in the acts and documents registration office has recently been suspended for unknown period of time for reasons related to land corruption. Land grabbing through illegal fencing of green areas and other open public spaces, pocket pieces of land, annexation and illegal documentation to the extent of issuing title deeds are believed to be the reasons as they were becoming day to day illegal experiences in Addis. These issues are also amidst the causes that further complicated our metropolitan politics and led to the substitution of former deputy Mayor Takele Uma by Adanech Abiebie. Assessment based disclosure of the land corruption facts by EZEMA has also changed the political landscape the mayor has been manipulating.

First and foremost, I would like to thank Ethiopian Business Review (EBR issue no 90) for bringing up Ten-Year Perspective Plan to the reader’s attention. The ten-year plan is about risk of spending a huge amount of money and life changing opportunities for over 100 million people. Since the plan is intended to control and influence the behavior of the national economy for the next decade, it should not be set aside as past concern or old news. I encourage EBR to continue giving coverage to the ten-year perspective plan and educate the public on how they can put their future fate and hope in their hands.

Zamzam bank, the first full fledged interest free bank, became operational on october 12, 2020. The bank has received its operation license from Yinager Dessie (PhD) governor of NBE, at a grand inauguration ceremony at Skylight hotel.

Zamzam, which is established with 11,200 shareholders, has ETB880 million paid up capital and ETB1.8 billion subscribed capital.

Zamzam bank has requested license from the central bank 13 years ago. Nonetheless, the founding members had to wait in vain,despite fulfilling requirements.

close to 20 new banks are currently in the pipeline, doubling the number of commercial banks in the country soon.

“It is not about competition. it is about cooperation and serving the largely unbanked population in the country,” lamented Melika Bedri, first president of Zamzam, who became the third female bank president in the financial industry.

The capital will have 1,500 electric buses under Bus Rapid Transit (BRT), a new mass transport routes the city administration is aspiring to build, Abdisa Yadeta, director of Federal Transport Authority, told EBR. The electric buses will be part of the 3,000 new buses the city administration is procuring in a bid to relief the transport shortage in the capital, which is political, economic and diplomatic seat. The EV buses will be linked to a dedicated power grid similar to the light railway.

At least five cement investment projects are in the pipeline, after the revised Investment Proclamation allowed cement investment, which was banned eight years ago, due to market saturation.

New cement projects named Dangite, Sinoma and Berberta requested to invest in billions of Birr, while Abay and Derba are already building production lines. Derba has got green light for expansion, which increases its production capacity by 2.5-million-ton per year.

The Ethio-Djibouti Gauge Railway (EDR) managed to transport 15pct of Ethiopia’s 16-million-ton annual import-export cargo, of which 90pct is import. Although EDR planned to cover 40pct of Ethiopia’s import-export, 15pct is a great achievement, according to Tilahun Sarka (Eng.), director general of Ethio-Djibouti railway S.C.

The liberal free market economy Ethiopia adopted under the reign of the Ethiopian People’s Revolutionary Democratic Party (EPRDF) has been a start of the growth of the private sector. Under such an economy, major public and private companies (especially those operating in finance) access the bulk of money pumped into the market. Then, this huge money trickles down under small pours to the society at large. As has been evident in cities that have made the transition to metropolitan status, the skyline of Addis has welcomed high rising buildings serving as the headquarters of the elite companies in the country.

The National Bank of Ethiopia (NBE) replaced Ethiopia’s existing currency notes which served the economy for the last 23 years. The bank introduced four new currency notes of 10, 50, 100 and 200 values on September 14, 2020, at the PM office, at the presence of PM Abiy Ahmed, the cabinet and bank presidents.

Irreechaa celebrating the Dawn of Redemption

Breaking Meskel Tradition to Curb Spread of the Pandemic

Addis Ababa the Epicenter of Political Land Corruption

Reflection on the Ten-Year National Economic Plan

Zamzam, Operational after a decade waiting

“Addis Ababa to Board Electric Buses”

New Investments eye Shortages in the Cement Market

EDR transported 15pct of Ethiopia’s foreign trade

Addis Ababa: A City in Transition

Central Bank Takes Surprising Move to Replace Currency Notes