Ashenafi EndaleFebruary 19, 2021
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2min22350

PM Abiy Ahmed (PhD) approved an initiative to establish the first agricultural bank in Ethiopia. The idea to create a specialized bank that serves the sector, was imbedded in the draft Agriculture and Rural Development Policy, which is revised and expected to be launched soon.

Though the idea was forwarded by Agricultural Transformation Agency (ATA), while the Ministry of Agriculture has initiated the move and is already in preparation to establish the agricultural bank, Chimdo Anchala (PhD), Senior Director for Production and Productivity at ATA, confirmed to EBR. “employees working in the agriculture sector, and also the private sector engaged in agricultural businesses will be the shareholders. many new banks are being established but none are specializing in agriculture.”

There are over 3,000 people employed in the sector, expected to be shareholders.

“Access to finance is big problem in agriculture. Capital is formed in agriculture sector but invested in other sectors such as construction. It is very difficult to access foreign currency even to import fundamental inputs such as fertilizer, although foreign currency is generated by exporting agricultural commodities. The new agricultural bank will solve these problems, especially in financing agricultural input supply,” said Mengistu Tesfa, Director of Agricultural Inputs and Market Directorate at the ministry.


Ashenafi EndaleJanuary 22, 2021
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1min20330

The UN adopted the long-awaited Treaty on the Prohibition of Nuclear Weapons. Although the nuclear owners including USA, UK, Russia, china, and France have been silent, 122 countries have signed the final draft of the treaty, which bans outright the use, threat of use, development, production, testing and stockpiling of nuclear weapons under any means.


Ashenafi EndaleJanuary 21, 2021
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1min20120

Ethio telecom generated ETB25.57 billion between July and December 2020, which is 95pct of the plan for the first six months of 2020/21 Ethiopian fiscal year. the revenue is a 12.3pct increment from the last year same period, despite frequent shutdowns during the latest period, following political instabilities in northern and western Ethiopia.


Ashenafi EndaleJanuary 8, 2021
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2min25300

Boeing has entered into agreement to pay a total criminal monetary amount of over USD2.5 billion, the US Department of Justice disclosed on January 7, 2021. Criminal information filed at northern district of Texas, Under the deferred prosecution agreement (DPA), charges Boeing of conspiracy to defraud the united states.

The total USD2.5 billion, is composed of a criminal monetary penalty of USD243.6 million, compensation payments to Boeing’s 737 MAX airline customers of USD1.77 billion, and the establishment of a USD500 million crash-victim beneficiaries fund to compensate the heirs, relatives, and legal beneficiaries of the 346 passengers who died in the Boeing 737 MAX crashes of Indonesia’s Lion Air Flight 610 and Ethiopian Airlines Flight 302.

“Boeing’s employees chose the path of profit over candor by concealing material information from the FAA concerning the operation of its 737 Max airplane and engaging in an effort to cover up their deception. This resolution holds Boeing accountable for its employees’ criminal misconduct, addresses the financial impact to Boeing’s airline customers, and hopefully provides some measure of compensation to the crash-victims’ families and beneficiaries,” stated Acting Assistant Attorney General David P. Burns of the Justice Department’s Criminal Division.

Boeing Max products were grounded in 59 airlines, to which the company pays compensation, apart from the families of the deceased in Indonesian and Ethiopian demised flights. All 157 passengers lost their lives during Flight 302 and 189 in Flight 610.


Ashenafi EndaleDecember 31, 2020
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1min31660

Ethiopia has lost over USD300 million from Meeting Incentives Conferencing and Exhibitions (MICE), since the corona virus, according to a study presented by Addis Ababa chamber commerce and sectoral association, on December 31 There were 24 international exhibitions organized in Addis Ababa, annually, before covid19. There are
also over 700 event organizers in Addis Ababa, who currently has lost their manpower. Between ETB200 million and ETB250 million transactions takes place per exhibition, according to Aklile Belete, managing partner at African Trade Fairs Partner.


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1min30000

Ministry of Mines (MoM) revokes 63 investment licenses, of which 38 are mining and the rest are exploration companies. Underperformance, failure to renew licenses, and wasting public resources are mentioned as the rationales, according Takele Uma (Eng.), recently appointed minister of MoM.

Over the last five months, the mining sector generated USD302.9 million from export, of which USD299.1 million is from gold export, a magical comeback from a mediocre USD27.9 million for the whole 2019/20 fiscal year.


Ashenafi EndaleDecember 11, 2020
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1min27490

Eth-Switch S.C, Ethiopia’s national payments switch, declared ETB94.5 million revenue and ETB24.3 million net profit for 2019/20 Ethiopian financial year. Its profit surged by 93pct from previous year, following increasing use of electronic transaction under covid19 pandemic and government measurements to discourage cash-based transactions. Eth-Switch has been reporting loss for three consecutive years until last year.


Ashenafi EndaleNovember 27, 2020
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1min25420

The Ethiopian Telecommunication Authority has floated Request for Proposals that leads to pick two private telecom service providers. The bidding will be open for the next three months, after which the winners are licensed by April 2021, according to Eyob Tekalign (PhD), state minister of Finance.



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