Friday 23 February 2018
(Ventures-Africa 07/11/13)
VENTURES AFRICA – African business leader and philanthropist Tony O. Elumelu joins President Goodluck Jonathan as part of a high powered delegation accompanying the Nigerian leader on a state visit to China from 11 to 12 July 2013. The visit, which will include a meeting with China’s President Xi Jinping, will have Mr Elumelu and other business leaders, including Folorunso Alakija, Femi Otedola and Oba Otudeko, representing Nigeria’s business interests, thus emphasising President Jonathan’s commitment to leveraging the private sector to drive both development and trade and investment links between China and Africa. Speaking at the investment forum, which attracted over 700 potential investors, their Nigerian counterparts and several governors as well as the Ministers for Trade and Investment, Aviation...
(Reuters (Eng) 07/10/13)
(Reuters) - Ethiopia expects to join the World Trade Organization in 2015 without heeding to demands that it liberalizes its state-run banking and telecoms sectors, the Foreign Ministry said on Wednesday. The Horn of Africa nation applied to join the body in 2003, but its hopes for membership had hinged on Addis Ababa opening those areas to international competition. U.S. officials have publicly asked the country to liberalize both sectors, but Ethiopia says they are "sensitive areas" whose liberalization may harm national interests. Its chances, however, were given a lifeline last year when the WTO lowered the bar for the world's least developed countries to join the global trading club by agreeing new membership standards. The new rules allow members...
(Voice of America 07/10/13)
Only seven of the 53 African Union countries who pledged to commit at least 10 percent of their national budgets to investment in agriculture in 2003 have reached that goal. Aid organizations say that investment in agriculture is key to breaking the cycle of food insecurity and crisis in West Africa. As the declaration approaches its 10th anniversary on Wednesday, the aid groups are calling on AU countries to renew their commitment to the Maputo Declaration. In 2003, 53 African heads of state agreed to allocate at least 10 percent of their national budgets to investment in agriculture and livestock by July 2008. Ten years later, only seven countries - Burkina Faso, Niger, Guinea, Senegal, Mali, Malawi and Ethiopia -...
(The Guardian 07/10/13)
Ethiopia uses sesame seeds to repay loans on Chinese-built infrastructure. But what are the long-term benefits to farmers? It seems unlikely that many Ethiopian farmers sat down and thought about what Chinese consumers want to eat for breakfast before planting their crops. Yet a surge in the eastward export of sesame seed over the past decade has created an unexpected interdependency between the two countries. In less than a decade, Ethiopia has jumped from being a minor producer of sesame (38,000 tonnes in 2002, according to the UN's Food and Agriculture Organisation) to the largest producer in Africa and fourth largest in the world (320,000 tonnes in 2011, according to the most recent data available). During the same period, China...
(Sudan Tribune 07/10/13)
Ethiopia’s Deputy Prime Minister, Demeke Mekonnen, attended South Sudan’s second anniversary of independence on Tuesday. At least five foreign heads of states and many foreign dignitaries have attended the celebrations of South Sudan’s second year of independence in Juba. Seen by both Sudan and South Sudan as neutral partner, Ethiopia had played significant role in mediating and encouraging both sides to narrow their differences and reach to agreements in many of the outstanding issues. After attending the independence celebrations, the Ethiopian deputy prime Minister will hold discussions with South Sudan’s officials on number bilateral and on Sudan-South Sudan issues. As Africa’s newest nation, South Sudan during the last two years has saw difficulties and setbacks challenging to its efforts to...
(New Business Ethiopia 07/09/13)
The International Monetary Fund (IMF) urged Ethiopia to increase private loans while Ethiopian lawmakers approved a 12 percent spending increase over 2013-2014 budget to assist with infrastructure development across the nation. IMF's call to increase private loans has been met with approval internationally as Ethiopia’s economy is a mixture of state company monopolies in telecommunications, power and banking, and private investors who control agriculture and manufacturing. The Fund indicated that a vibrant private sector would be essential for Ethiopia to attain middle income status and competition between monopolies formed by public enterprises needed to be increased to see a gradual withdrawal from wherever the private sector is crowded out. As of July 8 2013 the state will boost spending to...
(Addis Fortune 07/09/13)
Ethiopiawill sell electricity to seven neighbouring countries once the Grand Renaissance Dam project is complete. Mohamed Ali Youssouf,left, minister of Foreign Affairs & International Cooperation of Djibouti and Tedrose Adhanom (PhD), minister of Foreign Affairs, signed the agreement that will enable Ethiopia to export additional electric power to neighbouring Djibouti. Ethiopia and Djibouti concluded an agreement for a second two billion dollar electrical power system interconnection, during the 12th Joint Ministerial Meeting. The signing ceremony was held last Wednesday, at the Addis Hilton Hotel, by the Ethiopian Foreign Minister Tedrose Adhanom (PhD) and his Djiboutian counterpart, Mohamed Ali Youssouf. The transmission line, which covers areas from Semera, inEthiopia'sAfarRegionalState, toJaba,Djibouti, will be a 230kV electric power transmission project, similar to the...
(Ethiopian Radio and Television Agency 07/09/13)
France will work in collaboration with Ethiopia in the areas of climate change and green economy, Minister Delegate to the French Foreign Minister, in charge of Development Pascal Canfin said on Monday. He made the remark while holding talks with Prime Minister Hailemariam Desalegn in Addis Ababa. During the talks, Prime Minister Hailemariam said Ethiopia in its capacity as chair of the African Union would continue its effort to request developed nations to address the demand of Africans in connection with climate change. France has asked to host the 21st climate change meeting to be held in 2015. In addition to climate change, the Minister expressed France's interest to work with Ethiopia in the area of peace and security.
(Addis Fortune 07/09/13)
The Great Ethiopian Renaissance Dam (GERD), which is under construction on the major tributary of Nile, is expected to generate total revenues of two million dollars per day for Ethiopia. The Great Ethiopian Renaissance Dam (GERD), under construction on Abay River, has lately gained front page attention in print media. It is incomprehensible why the Egyptians chose to make an issue out of the project two years after the construction began and when the whole world already knew about it. As a matter of fact,Nile Basin development has been a major concern, involving political, historical, social and economic matters, for the riparian countries from times immemorial. Last week, theNileBasinand the impacts of the GERD, in particular, were the subject of...
(Sunday Standard 07/09/13)
KWALE; KENYA: Eleven Ethiopians who were arrested at Kwaks Paradise Lodge over the weekend have pleaded guilty of being in Kenya unlawfully. They had been charged in a Kwale court with the offence contrary to section53 (i) of the Kenya Citizenship and Immigration Act 2011. The 11 included Worku Godaya Abdullah, Adan Jillion Abdullah, Abdi Umer Golicha, Jillion Mohamed Hussein and Aden Kalicha Mohamed. Others were Boru Hassan Hussein, Worku Abdallah Adan, Godana Adan Jillion, Adan Hussein Worku, Mumin Sheikh Mohamed and Golicha Mohamed Ahmed. They were also charged on a second account of having fake Kenyan identification cards. “On Friday 5th this month, anti-terrorist’s police acting on a tip off on the whereabouts of the suspicious foreigners, raided Kwaks...
(Ethiopian Radio and Television Agency 07/09/13)
The Ethiopian Investment Agency has said 189 projects with over 10 billion Birr have gone operational in the just concluded 2005 Ethiopian budget year. The Agency expressed readiness to support investors engaged in manufacturing industry. Public Relations Directory with the Agency Getahun Negash said the number of projects being operational is growing from time to time. He said the improvement came as a result of support given to investors that have taken licenses and have not implemented their projects due to various reasons. The nation’s potential to attract and maintain investors from Asia, Europe and Middle East is increasing due to its suitability for investment, he said. Although the government is encouraging investors engaged in industry sector, power disruption, shortage...
(Ghana Business News 07/09/13)
African airlines enjoyed nearly a 10% rise in traffic in May 2013 as global passenger growth trend continues, according to an industry report. The International Air Transport Association (IATA) says African airlines’ traffic climbed 9.8% in May which was the second highest among the regions. The report notes that African carriers are benefiting from a sustained increase in trade through developing links to Asia and the Middle East, as well as strong GDP growth in local economies, particularly in Western Africa. “Capacity rose 7.4% in May, raising load factor 1.4 percentage points to 66.2%,” said IATA’s passenger traffic report. In terms of air freight, African carriers grew just 0.2% in May, but growth trend, according to the airline association, was...
(Ethiopian Radio and Television Agency 07/08/13)
Ethiopia is attracting significant Chinese foreign direct investment, but has still been lagging in overall FDI. However, an official from the World Bank says a partnership between the bank and Chinese companies will help remove obstacles that have been preventing Ethiopia from becoming one of Africa's most attractive destinations for investment. Guang Z. Chen, country director for Ethiopia at the World Bank, says the bank is a major player in Africa, providing local soft financing and bringing in knowledge-based services and technical assistance. Chen believes the bank's cooperation with Chinese companies could greatly improve Africa's development. "Chinese partners have a relatively small presence in and knowledge of this continent, and their involvement in the past has to a certain degree...
(Ethiopian Radio and Television Agency 07/08/13)
The railway to be built from Djibouti to Ethiopia has been launched in Djibouti in the presence of Prime Minister Hailemariam Desalegn and President Ismail Omar Guelleh on Sunday July 7, 2013. Hailemariam told ERTA the railway will have a significant impact as an infrastructure that bolsters regional economic integration. President of Djibouti Guelleh said the infrastructure will advance economic cooperation and social connection of the two sisterly countries. Dr Tedros Adhanom, Foreign Affairs Minister of Ethiopia, stressed this is the reflection of the country’s foreign policy that aims at ending poverty and building a prosperous country.
(Ventures-Africa 07/08/13)
VENTURES AFRICA – Ideas rule the world and in this age, innovation is key. Businesses thrive on Eureka! moments, as innovation has become the benchmark for excellence. For most businesses/entrepreneurs the effective application of ideas determines whether a startup progresses to a multi-billion dollar company, a la Google, Facebook, Apple, or goes bust! African entrepreneurs have also tapped into the endless stream of Eureka! moments and have turned ideas to million-dollar businesses - ask iROKOtv, Justin Stanford or Kamal Budhabatti to name a few. On Africa’s Most Innovative Companies today, we feature Rasello, a company which helps you “manage, understand and communicate better to the people that matter most to your business.” There is no major reason behind the name...
(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...

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