News

Safaricom to shell out USD 700 mln for equipment imports

Safaricom to shell out USD 700 mln for equipment imports

Company applauds gov’t for easing import processes Safaricom Ethiopia is about to invest USD 700 million to import equipment until the end of the company’s financial year which just begun last month. This is in addition to the USD 300 million worth of equipment’s it has imported so far, which includes the USD 100 million data center it unveiled in February of this year. The company’s investment in Ethiopia has now surpassed USD one billion together with the license fee it paid. According to Matthew Harrison, chief external affairs and regulatory officer at Safaricom Ethiopia, the equipment are to be…
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Industrial Parks Exported Products Worth $152.7m In Nine-Month

Industrial Parks Exported Products Worth $152.7m In Nine-Month

ADDIS ABABA – Ethiopia has secured more than 152.7 million US dollars from manufacturing products’ made in its industrial parks (IPs). The revenue was generated from exports made in the first nine months of the current 2021/22 fiscal year, said Sandokan Debebe, CEO of the Industrial Park Development Corporation (IPDC). The revenue, the Corporation said, has shown a 29% jump as compared to the same months of the previous fiscal year. In the same period, the IPs also supplied products worth $113.5 million to the local market in support of the government’s import substitution push and cut foreign currency spending.…
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New Agreement Paves Way To Establish Capital Market In Ethiopia

New Agreement Paves Way To Establish Capital Market In Ethiopia

ADDIS ABABA – Abiy Ahmed’s administration has taken additional step to set up the Ethiopian Securities Exchange (ESX) with a cooperation agreement with FSD Africa, UK’s capital market facilitator. The proposed exchange will serve as a key market institution to provide Ethiopian entrepreneurs and businesses with access to long term finance, authorities say. Ethiopian Investment Holdings, manager and owner of state-owned companies, and the Ministry of Finance signed the agreement to set up the Exchange with FSD Africa (Financial Sector Deepening – Africa) on Wednesday. “Today’s cooperation agreement… is a first concrete step towards realizing our vision,” said Finance Minister…
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KEFI Shareholders Approve Capital Raising For Ethiopia, Saudi Mining Projects

KEFI Shareholders Approve Capital Raising For Ethiopia, Saudi Mining Projects

ADDIS ABABA – KEFI Gold and Copper, a UK-listed mining company, on Tuesday said its shareholders have formally approved the recent capital raisings for the development of its mining projects in Ethiopia and Saudi Arabia. The capital raised in several stages provided £28 million for KEFI to inject into early development works at Tulu Kapi Gold Project in Ethiopia and two other projects in Saudi Arabia. The mining firm said the finance endorsed today in London represents part of the future development costs at Tulu Kapi of approx 18 billion Birr. “The early development activities in Tulu Kapi are specifically…
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146 Ethiopian Migrants Stranded In Yemen Repatriated

146 Ethiopian Migrants Stranded In Yemen Repatriated

ADDIS ABABA – About 146 Ethiopian migrants, who were stranded in Yemen, have been repatriated on Tuesday, according to the ministry of foreign affairs. A flight aboard 146 citizens arrived in Addis Ababa from Yemen today, the Spokesperson Office of the Foreign Ministry said in a statement. “15 women and 5 children are among the repatriates,” the statement added. Despite recent drop in illegal migration, migrants from East Africa including Ethiopians often risk their lives making the dangerous journey via the Gulf of Aden to Yemen in the hope of finding jobs in Saudi Arabia. Most end up either stranded…
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Ethiopia Pursuing Peaceful Means To Reclaim Land Occupied By Sudan

Ethiopia Pursuing Peaceful Means To Reclaim Land Occupied By Sudan

ADDIS ABABA – The government of Ethiopia is pursuing peaceful means to regain its land forcefully occupied by Sudanese troops late 2020, according to Foreign Minister Demeke Mekonnen. Demeke, who is also Deputy Prime Minister, said this while responding to the question raised by members of parliament on Tuesday. However, Khartoum saw the law enforcement operation in the northern Ethiopian region in November, 2020, as an opportunity to send its troops into Ethiopian territory and invade the farmlands. Demeke said the move violated their agreement that displaced many Ethiopians from their home and farmland and created an unfortunate tension, according…
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Ethiopia and France Sign A 19mln Euro Grant Agreement

Ethiopia and France Sign A 19mln Euro Grant Agreement

The Ministry of Finance, represented by Semereta Sewasew, State Minister in charge of Economic Cooperation, signed a grant agreement of 10 million Euro with the French Development Agency (AFD), represented by Valerie TEHIO, Country director today.The signing was attended by the Ambassador of France in Ethiopia and for the African Union, Remi Marechaux.The grant will finance the construction and equipment of Ethiopian Electric Power Training Centre in Debre Zeit. The equipment and training offer will be adapted to the technologies installed on the Ethiopian electricity grid (SCADA simulators, electricity transmission and distribution equipment, etc.).It will enable EEP to provide in-house…
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WFP: 130 Trucks Carrying Relief Aid En Route To Tigray

WFP: 130 Trucks Carrying Relief Aid En Route To Tigray

At least 130 trucks carrying humanitarian supplies have started their journey to Tigray region today, says the World Food Program (WFP). The trucks, described as the biggest yet in 2022, are part of the ninth WFP convoy heading to the region since the declaration of the indefinite humanitarian truce last March. They started their journey from Afar region a day after 85 trucks arrived at Mekelle, the regional capital of Tigray. In a brief message posted on Twitter, WPF Ethiopia said that trucks keep rolling and delivering to vulnerable communities in Afar and Tigray regions. Food is on its way…
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Ethiopia Reports First COVID Deaths In Nearly Four Weeks

Ethiopia Reports First COVID Deaths In Nearly Four Weeks

In its update today, the ministry says two patients have passed away due to Covid-19 in the last twenty-four hours. The previous Coronavirus-induced death in Ethiopia was reported on April 20, 2022. The national Covid death toll currently stands at 7, 512, says the ministry. Active Cases Increase Six severely sick patients are still getting treatment in hospitals, the report shows. The patients are among 7,719 confirmed active cases in the country. The active cases count has increased by 39 today as more new daily cases than recoveries continue to be reported. The nation has confirmed 42 new covid-19 cases…
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Ethiopia, Kuwait To Finalize Labour Exchange Agreement

Ethiopia, Kuwait To Finalize Labour Exchange Agreement

An Ethiopian delegation led by State Minister of Labour and Skill, Nigusu Tilahun, is currently in Kuwait City to work out the labour agreement. “The delegation is expected to finalize the labour exchange agreement between Ethiopia and Kuwait,” said the Ministry of Foreign Affairs on Monday. It is expected to set up legal migration options to citizens seeking job opportunities in Kuwait. “The agreement will help thousands of Ethiopians get employment opportunities in Kuwait,” the ministry added. Upto 35,000 Ethiopian nationals reportedly reside in Kuwait. About 90% of them work as domestic workers.
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