| Africatime
Thursday 27 April 2017
(Geeska Afrika 04/27/17)
The Ethiopia Commodity Exchange (ECX) is a new initiative for Ethiopia and the first of its kind in Africa. The Ethiopia Commodity Exchange (ECX) is a new initiative for Ethiopia and the first of its kind in Africa. The vision of ECX is to revolutionize Ethiopia’s tradition bound agriculture through creating a new marketplace that serves all market actors, from farmers to traders to processors to exporters to consumers. The ECX is a unique partnership of market actors, the Members of the Exchange, and its main promoter, the Government of Ethiopia.
(Business Day Ghana 04/27/17)
There are currently 960 million mobile subscriptions across Africa – an 80 percent penetration rate among the continent’s population. Internet penetration is at 18 percent with 216 million internet users, according to the latest Jumia mobile trend report for Africa. The 2017 edition of the African Mobile Trends Paper is the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria. The study takes a look at the how the market has democratised mobile internet use, the consumer behaviours driving increased smartphone adoption and the role of mobile brands, mobile operators and m-commerce in creating a synergy of an enhanced customer experience. This year’s Mobile Africa Study was carried out in 15 African countries which...
(Bloomberg 04/26/17)
Pizza Hut is set to open three outlets in Ethiopia this year, becoming one of the first international restaurant chains to enter Africa’s second-most populous country. The restaurants are scheduled to begin serving in the capital, Addis Ababa, by November, franchisee Aschalew Belay said in an interview Monday. Aschalew’s company, Belayab Foods and Franchise, will run the local outlets of the Yum! Brands Inc. pizzeria and will have invested $5.5 million in the operations by next year, according to his...
(Xinhuanet 04/26/17)
The Belt and Road (B&R) Initiative is a golden opportunity to bring about regional integration and sustainable economic growth for Africa, said Berhane Gebre-Christos, special envoy of the Ethiopian Prime Minister, on Tuesday. The special envoy made the remarks at the opening of a seminar organized on the B&R Initiative in Ethiopia's capital Addis Ababa. Welcoming the initiative, the special envoy said he is looking forward to the expected effects of the initiative. "The B&R is a project that will...
(Bloomberg 04/20/17)
WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. The seven-year-old company, in which Facebook Inc.-backer Accel Partners LP invested $40 million in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and Chief Executive Officer Ismail Ahmed said in an interview. Another site will start...
(The Ethiopian Herald 04/19/17)
Ethiopia and Canada agreed to cement bilateral cooperation on energy and mining developments and the latter has keen interest in carrying out capacity building activities. Prime Minister Hailemarim Dessalegn held talks with Canadian Parliamentary Secretary to Global Affairs Omar Alghabra yesterday. Canadian Ambassador to Ethiopia Philip Baker who took part in the discussion said Canada is one of the largest development partner of Ethiopia. "Both countries discussed ways of harnessing additional fronts to broaden and deepen their relations." "We have success stories in advancing poverty reduction, empowering women and getting young people engaged in private business. And Canada will work with Ethiopia to help address development challenges," he added.
(AFP (eng) 04/18/17)
The International Monetary Fund on Tuesday forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. "Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016," the IMF said its latest World Economic Outlook report. A slump in commodity price in 2016 and devastating drought had affected...
(Xinhuanet 04/18/17)
Africa's diaspora is playing a big role in the economic transformation of the continent, the UN said on Tuesday. UN Population Fund (UNFPA) Regional Director Dr Julitta Onabanjo told Xinhua in Nairobi that remittances are important source of income for many African families. "The diaspora therefore complements government efforts to lift many families out of poverty," Onabanjo said on the sidelines of the First Africa-China Conference on Population and Development. Onabanjo said that Africans in the diaspora also bring back...
(Reuters (Eng) 04/07/17)
Access to off-grid solar energy in rural areas of Africa goes beyond lighting up homes - it also enables people to connect to the wider world and boosts their economic prospects, said the head of one of the continent's biggest solar companies. Azuri Technologies' entry level solar system - for which customers pay a one-off installation fee, then use scratch cards or mobile phone payments to top up on a weekly or monthly basis - provides eight hours of lighting...
(Bloomberg 04/05/17)
Sudan will receive electricity from Ethiopia’s flagship dam via a transmission line once Africa’s biggest hydropower plant is complete, the two countries’ leaders said. The line will connect the Grand Ethiopian Renaissance Dam on the Blue Nile River with Sudan’s capital, Khartoum, Ethiopian Prime Minister Hailemariam Desalegn said Tuesday. Sudanese President Umar al-Bashir, addressing reporters alongside the premier in the Ethiopian capital, Addis Ababa, praised an existing road and telecommunications networks connecting the neighboring nations. He also mentioned plans for...
(The Ethiopian Herald 04/04/17)
The World Bank Group Board of Executive Directors approved a loan worth 645 million USD recently to help the development agenda in Ethiopia. Of the total amount, 445 million USD will be used to enhance water supply and sanitation services in the capital Addis Ababa and 22 secondary cities of the nation, a press release sent to The Ethiopian Herald stated. The remaining loan will be deployed to increase the efficiency of trade logistics of the National Quality Infrastructure (NQI) Development Project aimed at improving the competitiveness of Ethiopian industries respectively. The projects demonstrate the government's commitment to development, stated World Bank Ethiopia Country Director
(Financial Times 04/04/17)
Countries should develop policies to attract labour-intensive production leaving China. China’s initial wave of investments in Africa focused on natural resource extraction. Their demand for metals and energy was so large that it actually boosted global commodity prices overall, which in turn accelerated growth across the African continent. These times of China propping up global commodity prices are now over, as it has built up excess capacity in many sectors and now faces slow investment growth. This lower demand has...
(Zimbabwe Independent 03/31/17)
Ethiopian Airlines, Africa's largest cargo and passenger carrier, is dreaming big. After generating revenue of US$2,43 billion in the 2016 financial year, which saw a 70% jump in net profit and an 18% increase in passenger numbers to 7,6 million, the airline says it is buying an additional 55 aircraft, expanding its fleet to 142 planes. Zimbabwe Independent's assistant editor Brezhnev Malaba (BM) interviewed the Ethiopian Airlines managing director (international services), Esayas Woldemariam (EW), in Victoria Falls at the launch...
(Addis Fortune 03/29/17)
Negotiating the contract took almost a year. China Civil Engineering Corporation (CCEC) has begun construction on the expansion project of the Dire Dawa dry port, at a cost of 1.5 billion Br. The construction project is a supplementary agreement to the Ethio-Djibouti Railway Project. The start of construction comes two months after the approval of the contract signed between the Ethiopian Shipping and Logistics Service Enterprise (ESLSE) and the Chinese company. The Enterprise will build the project on 35ha of land received from the Dire Dawa City Administration. The project will involve the construction of a terminal, a warehouse, a three storey
(The Ethiopian Herald 03/29/17)
Ethiopia and Japan agreed to expand areas of cooperation as State Minister of Foreign Affairs, Dr. Aklilu Hailemikael received a delegation led by Japanese Ambassador Shinchi Saida Tuesday. The two countries also reiterated on the need for widening cooperation at the bilateral and continental level, in areas including investment, trade, finance, and technology transfer and policy dialogue. Dr.Aklilu stated Ethiopia and Japan have long standing relations which further needs expansion and widening. Currently, the major areas of partnership between the...
(Addis Fortune 03/29/17)
Three local and a foreign company are expected to finish the project in ten months. The Ethiopian Construction Works Corporation (ECWC) has signed agreements worth nine billion Br with four companies for the construction of irrigation farms inside the Omo Kuraz sugar factories. Omo, Kuraz, located in Southern Nations, Nationalities & Peoples Region, is 900Km away from the capital city. The Southern Water Works Construction Enterprise (SWWCE), the Water Infrastructure Construction Sector and the Transport Infrastructure Construction Sector, and Jeinexi...
(Agence Ecofin 03/22/17)
(Agence Ecofin) - Le patron du premier groupe privé algérien Cevital, Issad Rebrab, a annoncé le 21 mars que son entreprise est à la recherche de banques pour accompagner son projet d’implantation d’usines de trituration d’oléagineux et de raffinage du sucre en Ethiopie, pour un investissement de 360 millions de dollars. « Au total, nous aurons besoin de 360 millions de dollars juste en Éthiopie, sans compter la plateforme logistique au port de Djibouti. », a-t-il déclaré lors d’un forum...
(Bloomberg 03/20/17)
Ethiopian regional officials are demanding that foreign cement producers including Dangote Cement Plc hand control of some parts of their businesses to groups of unemployed youths. The Nigerian company, controlled by Africa’s richest man, Aliko Dangote, and others such as Saudi billionaire Mohammed al-Amoudi’s Derba MIDROC Cement Plc, should allow the youth to run their pumice mines, according to a draft contract drawn up by Oromia state’s East Shewa Zone administration this month. Pumice is an additive used in cement...
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years,...
(Voice of America 03/18/17)
Each year, the University of Southern California hosts the African Global Economic and Development Summit, bringing delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas. Visa issues are not uncommon for people traveling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees unable to attain visas. "Usually we get 40 percent that get...

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