Friday 24 November 2017
(Ethiopian Radio and Television Agency 07/08/13)
Ethiopia’s capital city, Addis Ababa, may boast Africa’s tallest building by 2017. While a 58-story building had been announced, plans unveiled by a private Chinese developer now call for a 99-story office-hotel tower. Guangdong Chuanhui Group has not revealed the building's estimated cost or other details, including financial arrangements or the names of the architect and engineer. The site for the Chuanhui International Tower is at the new Addis Ababa Exhibition Centre. The developer says it has acquired the 41,000 sq meter site and the building plans have been approved. If built, it would supersede by 225 m Africa’s current tallest tower: the 50-story Carlton Centre in Johannesburg. With a population of about 2.8 million, Addis Ababa is the country's...
(Independent Online 07/05/13)
Addis Ababa - Ethiopia's economy is expected to maintain a growth rate of 11 percent in 2013/14 with plans to upgrade infrastructure given prominence in its annual budget, Prime Minister Hailemariam Desalegn said on Thursday. The Horn of Africa nation has in recent years embarked on ambitious infrastructure projects to improve its economic competitiveness, including a multi-billion dollar plan to increase energy output by building a hydro-power dam on the Nile. “Ethiopia's GDP grew by more than 10 percent during the past two years and we expect to maintain high growth in 2013/14,” Hailemariam told parliament. The IMF said in a statement on Thursday it expected Ethiopia's economy to grow 7 percent in 2012/13. The budget of 154.9 billion birr...
(Bloomberg 07/05/13)
Ethiopian lawmakers approved a 12 percent spending increase in 2013-14 to help support infrastructure development as the International Monetary Fund urged the government to free up credit for private borrowers. The state will boost spending to 159.4 billion birr ($8.5 billion) in the year from July 8 with about one-third allocated to upgrading roads, State Minister of Finance Abraham Tekeste said today by phone from the capital, Addis Ababa. External sources account for about one-fifth of the 2013-14 budget. Expenditure is focused on “infrastructure development, human-resource development and basic services,” Abraham said. The government is implementing a five-year economic development plan through mid-2015 in which it’s spending 569 billion birr on projects including construction of the $4.3 billion Grand Ethiopian...
(Standard Digital 07/05/13)
Ethiopia's economy is expected to maintain a growth rate of 11 percent in 2013/14 with plans to upgrade infrastructure given prominence in its annual budget, Prime Minister Hailemariam Desalegn said on Thursday. The Horn of Africa nation has in recent years embarked on ambitious infrastructure projects to improve its economic competitiveness, including a multi-billion dollar plan to increase energy output by building a hydro-power dam on the Nile. " Ethiopia's GDP grew by more than 10 percent during the past two years and we expect to maintain high growth in 2013/14," Hailemariam told parliament. The IMF said in a statement on Thursday it expected Ethiopia's economy to grow 7 percent in 2012/13. The budget of 154.9 billion birr ($8.3 billion)...
(Ventures-Africa 07/05/13)
VENTURES AFRICA – Ethiopian Airlines has announced the receipt of its sixth Boeing 777- 200LR (Long Range) Worldliner in Seattle, Washington, as it aims to expand its network by opening more direct long range routes. The airliner, which is the first to own and operate the 777- 200LR in Africa, says the aircraft carries more passengers and cargos farther than any other jetliner in the world and is capable of connecting any two cities without having to break flight. “The 777-200LR’s performance and range has allowed us to open direct routes from Washington D.C to Addis Ababa, Addis Ababa to Beijing, Toronto to Addis Ababa, as well as other long range routes.” said Tewolde Gebremariam, CEO of Ethopian Airlines. “In...
(Ethiopian Radio and Television Agency 07/05/13)
The Minister of Foreign Affairs Dr. Tedros Adhanom on Friday held talks with Mohammed Ibrahim, the founder of the Mo Ibrahim Foundation. Mohammed Ibrahim announced, on the occasion, the Foundation’s plan to hold its annual Governance Weekend program here in Addis Ababa. This year’s theme: “Africa after 50 years” will host a forum that will reflect on the achievements and challenges of Africa in the last fifty years. The three-day event will also include a music concert where artists such as Youssou N’Ndour will perform and a high-profile football match featuring the Ethiopian national team. The Foundation will also hold its board meeting during the course of the weekend. Dignitaries including former Secretary of State Dr. Condoleeza Rice, Rock star...
(Sudan Tribune 07/05/13)
Addis Ababa — Authorities in the Kingdom of Saudi Arabia have cancelled a plan to expel thousands of undocumented Ethiopian immigrants, after the Horn of Africa nation intervened diplomatically. Under a newly introduced labour law, Saudi Arabia in April gave undocumented foreign workers a three-month period to legalise their status in the gulf state or face deportation. The aim of the new restrictions was to cut jobs occupied by foreign workers and create jobs for millions of unemployed Saudi citizens, which make up over 10% of the population. Concerned by the threat of mass deportations, Ethiopia send its foreign minister, Tedros Adhanom, to the Kingdom where he met his Saudi counterpart, Saud Al-Faisal, and held talks on Tuesday over the...
(Ethiopian Radio and Television Agency 07/05/13)
The Ethiopian Roads Authority said a contract agreement is signed on Friday to upgrade the 91.1km Mizan-Dima road, which links Ethiopia with South Sudan. The Ethiopian government and the World Bank will cover the required over 1.1 billion Birr cost to upgrade the road. Communication Director with the authority, Samson Wondimu told ENA that the road is part of the Mizan-Dima-Boma road. He said upgrading of the road will be finalized within three years. Samson said the road will help to link southern part of the country with South Sudan and also enable to enhance economic and social ties between the two countries. The road also interconnects different towns in South Ethiopia Peoples' and Gambella States. The authority signed the...
(Voice of America 07/05/13)
LONDON — A new satellite system was launched into orbit last week that aims to bring high-speed Internet to remote communities across the globe. Its backers say it could have a big impact in rural parts of Africa by speeding up economic and social development. Others argue the huge amounts of money, however, should be spent on more basic needs. Lift-off for the O3b - or "Other 3 Billion" - satellite system occurred last week in French Guiana. The system goes "live" later this year when eight satellites will enter a lower orbit to provide a faster connection. Its backers include Google and the Development Bank of Southern Africa, among others. Founder Greg Wyler said the "Other 3 Billion" are...
(New Business Ethiopia 07/05/13)
Sudanese Agriculture and Irrigation Minister, Abdelhalim Almutaafie said that his country is supportive of the construction of the Grand Ethiopian Renaissance Dam which is being constructed at a place only about 40 Kms from his country’s border. The Minister said the rationale behind the support of Sudan to the construction of the Ethiopian dam is that the dam is a “model “of development in the region. He also said that it is better to build dams in Ethiopia that in the Sudan or Egypt because of topographical reasons. “The level of evaporation in Sudan is higher than in Ethiopia for dam water reservoirs in Sudan and Egypt would be exposed to higher temperature from the environment and the sun as...
(Addis Fortune 07/04/13)
Senior government officials have reassured members of the business community that dividends, which remain undistributed to shareholders, will not be taxed. Tax on dividends should only be paid after part of the net earnings are paid to shareholders, according to Sufian Ahmed, minister of Finance & Economic Development (MoFED), who spoke at the public-private dialogue forum, held at the UNECA, on Thursday, June 27, 2013. The dialogue forum was the fifth since the signing of a Memorandum of Understanding (MoU) between Ethiopian authorities and leaders of chambers of commerce, in order to conduct a series of talks on issues that impede the business community. Once a year, such a forum is chaired by the Prime Minister; Prime Minister Hailemariam Desalegn...
(The Associated Press 07/04/13)
ADDIS ABABA, Ethiopia – The Ethiopian government is set to increase defense spending by more than 15 percent, a rise that comes amid tensions with Egypt over the building of a new dam on the Nile River. Cairo says the Ethiopian dam project, set to become Africa's largest, could diminish its share of Nile River waters, which provides almost all of the desert nation's water needs. Ethiopia's parliament on Wednesday debated the proposed budget, which would increase defense spending to $400 million, up from about $350 million. The parliament is scheduled to approve the budget on Thursday. Getachew Reda, a spokesman for Hailemariam, insists the defense increase has nothing to do with the recent disputes with Egypt. Getachew told The...
(Ethiopian Radio and Television Agency 07/04/13)
Deputy Prime Minister Demeke Mekonnen on Wednesday received 10,000 books on American studies from U.S. Ambassador to Ethiopia, Donald Booth, the U.S. Embassy said. According to a statement the Embassy sent to ENA Demeke, who is also Education Minister, received the books on behalf of fourteen universities and four community libraries. The statement said the books are in the areas of economics, agriculture, environmental issues, entrepreneurship, American literature, history, geography and culture. The books will help students and scholars conduct research on a range of topics using up-to-date materials. The books will be distributed among Adigrat, Assosa, Bule Hora, Debreberhan, Debremarkos, Debretabor, Diredawa, Jigjiga, Mettu and Mizan Tepi universities, among others, according to the statement.
(The New Times 07/04/13)
Mushikiwabo was speaking yesterday in Kigali as a panelist at a national symposium that featured discussions about 50 years of Africa’s independence, Rwanda’s 19 years since the Liberation War, and the role of Africa’s unity in the economic development of the continent. Mushikiwabo said that Africans will have to end rampant corruption, insecurity, and reliance on too much of foreign intervention if they are to record better achievements in their freedom and economic status. “Colonialism has hampered our ability to think for ourselves,” the minister said as she highlighted some of the reasons behind the continent’s ills. She encouraged all Africans to strive to tell their own story if they are to succeed in developing themselves because the current situation...
(The Point 07/03/13)
Standard Chartered has committed to financing more than US$2 billion in energy projects under the Power Africa Initiative, a five-year partnership between the United States, six African governments and the private sector. The partnership represents a coordinated cross-border effort to build the regulatory, economic and policy foundation in order to double access to power in Sub-Saharan Africa. The governments of Ghana, Tanzania, Kenya, Nigeria, Ethiopia and Liberia and a group of private-sector firms are taking part in the initiative to improve access to clean, reliable power in Africa. Power Africa will add more than 10,000 megawatts of cleaner, more efficient electricity generation capacity – equivalent to 250 percent of Nigeria’s current power generation - increasing access to electricity by more...
(The Associated Press 07/03/13)
The book, a history of Hoover Dam, fell from the dashboard as Simegnew Bekele drove through the rugged mountains where the engineer is leading construction work on Ethiopia's massive Nile River dam. "This book," he said, picking it up, "I am reading it now ... It's a fascinating story. This dam too (has) a history one day someone will write about." Simegnew's sentiment illustrated the great expectations of a dam that has raised tensions between this Horn of Africa nation and Egypt, which is concerned the ongoing project will diminish its share of Nile River waters. Reading the book, a gift from Ethiopians he met in New York recently, the engineer has come to see similarities between the Ethiopian dam-in-progress...
(Ethiopian Radio and Television Agency 07/03/13)
Ethiopian Foreign Minister, Dr Tedros Adhanom who is on an official visit to the Kingdom of Saudi Arabia, on Tuesday held discussion with His Royal Highness Saud Al-Faisal, Minister of Foreign Affairs of the Kingdom. During the discussion, Dr. Tedros emphasized the strong historical relationship the two countries have shared since the first arrival of the followers of Prophet Mohammed, and briefed the Minister on Ethiopia’s economic development, noting the huge potential opportunities for investment in the country for Saudi investors. He underlined the need for cooperation in areas of investment and in particular in infrastructural and development aid. He also took the opportunity to express his appreciation for the generosity of the Saudi government in agreeing to legalize the...
(Ethiopian Radio and Television Agency 07/03/13)
International Monetary Fund (IMF) on Tuesday said government policies have been playing key role in registering ongoing economic growth and sustaining it in Ethiopia. IMF special envoy Kal Wajid made the remark after holding talks with Prime Minister Hailemariam Desalegn in Addis Ababa. The IMF envoy said this year’s economic growth of Ethiopia is estimated to seven percent while the Ethiopian government says over 11 percent growth is expected. Policies and strategies set by the Ethiopian government are registering results, he said. The envoy, however, suggested the need to give due attention to the private sector, especially in facilitating supports such as bank loans. Prime Minister Hailemariam for his part said his government would give the necessary attention to the...
(Voice of America 07/03/13)
Ethiopia, Botswana and the Dominican Republic made the largest gains in food security in the past year, according to a new report. Increases in income and food availability in developing countries drove the largest improvements in this year’s Global Food Security Index, published by the Economist Intelligence Unit. Botswana ranked number 43 out of 107 countries studied. But most of sub-Saharan Africa scored low. Even with this year’s gains, Ethiopia is number 90. Meanwhile, economic losses in Greece and Ukraine pushed those countries down the index. Democratic reform and political stability were linked to improvements in food security in Burma and Sri Lanka, while conflict pushed Mali, Yemen and Syria down the index. The index comprises 27 measures of food...
(Ventures-Africa 07/03/13)
VENTURES AFRICA – The African Development Bank (AfDB) on Tuesday said it has earmarked up to $3 billion for Africa’s power sector over the next 5 years. AfDB President, Donald Kaberuka, speaking from Dar Es Salaam, said the bank’s interventions will include investment loans, reforms, advisory and guarantees in the energy sector. This is part of the bank’s backing for President Barack Obama’s $7 billion Power Africa plan which Obama unveiled on Saturday in Cape Town, South Africa. The US-led power plan will pay more attention to advancing more access to power in Ethiopia, Ghana, Kenya, Liberia, Nigeria and Tanzania. Blue chip companies including General Electric and Symbion Power will also invest an additional $9 billion. Kaberuka said AfDB will...

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