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Ethiopia News

  • Polish tractors ploughing a furrow to Africa

    POLAND, 2016/06/17 The new transaction worth $50-million (44-million-euro) provides for the delivery of 2,400 tractors, tools and spare parts and includes equipping an assembly hall and service centres located in Tanzania. It's Ursus' third transaction in Africa. "We believe that our currently realized contracts will facilitate negotiations with prospective partners because Ethiopia is the benchmark for other African nations," CEO Karol Zarajczyk said. The Sole transaction as well covers sugar cane trailers and the construction of a tractor assembly plant in the country. Polish tractor maker Ursus signed a huge contract with Tanzania's National Service Corporation Sole. The contract was Ursus' third deal in Africa, a market that many Polish entrepreneurs are looking to boost.
  • East Africa moves to curb used car imports, boost local assembly plants

    DJIBOUTI CITY, 2016/06/13 East African states are tightening controls on used car imports in a drive to cut pollution and boost the local manufacturing industry. Kenya recently announced that it would scale up its used car emissions laws, joining Uganda which has by presently introduced related taxes. Cabinet Secretary in Kenya’s Ministry of Transport James Macharia said that the policy would any minute at this time be in place and that motorists found to be in breach of the law risk having their cars deregistered. “By the end of the year, we will require vehicles countrywide to undergo a mandatory inspection to determine their level of toxic emissions,” said Mr Macharia.
  • USAID to grant Ethiopia $128M to fight drought

    UNITED STATES, 2016/05/16 U.S Agency for International Improvment(USAID) just announced it would grant Ethiopia $128 million to fight the drought it has been facing over the completed 50 years. This grant should serve to buy food, water, treat malnutrition, and pay mobile health teams, said Thomas Stall, assistant at the humanitarian affairs, conflicts and institution’s democracy office.
  • Routes Africa forum aims to improve African air connectivity

    BOTSWANA, 2016/05/15  An event dedicated to the development of the African aviation industry will take place next month in Tenerife (26-28 June) to encourage the launch of new air services to, from and within the African continent. Routes Africa 2016 will help to improve African connectivity by bringing together airlines, airports and tourism authorities to discuss next air services. Around 250 route development professionals are expected to attend the forum which was founded ten years ago to stimulate increase in the industry.
  • Economic integration is helping boost trade and investment in Africa

    BOTSWANA, 2016/05/13 The collapse of virtual borders is one of the majority remarkable things to have happened in our lifetimes. In the world of cyberspace, time and distance have become almost peripheral considerations at the same time as it comes to doing business. Services from software development to accounting can be delivered across the world in the blink of an eye. Next business leaders will struggle to imagine an era at the same time as communication was neither immediate nor virtually free.
  • Africa’s economic growth is likely to be slower in the intervening years

    BOTSWANA, 2016/05/12 Africa’s economic increase is likely to be slower in the intervening years than in the before decade, according to the new rating by Ernst & Young using a barometer to gauge the level of appeal and success.“The baseline projection of the International Monetary Fund (IMF) for 2016 is presently reduced to 3%, while it was estimated at 6.1% in April 2015″, Ernst & Young points out in its rating.
  • Beyond Commodities: How African Multinationals Are Transforming

    BOTSWANA, 2016/05/11 Oil, gold, diamonds, palm oil, cocoa, timber: raw materials have long been linked to Africa in a lot of businesspeople’s minds. And in fact the continent is highly dependent on commodities: they constitute as much as 95% of some nations’ export revenues, according to the United Nations Conference on Trade and Development. But propping a country’s entire economy on commodities is risky business, like building a mountainside home on stilts. You can’t be sure about the weather, or in this case the commodities market. The current free-fall of oil prices to less than $40 a barrel is a glaring example. “The commodities cycle has tanked out,” says Austin Okere, founder of Computer Warehouse Group (CWG), a Nigerian emerging multinational financial services company. “And this time it looks additional structural than cyclical, so it’s not a matter of waiting it out. Something has to give.”
  • Ethiopia: URRAP Reaches 76 Percent Across Country

    ETHIOPIA, 2016/04/28 URRAP assisted extensively in creating better road networks part rural kebeles across the nation The Ethiopian Roads Authority (ERA) has disclosed that the Universal Rural Roads Access Program (URRAP) has hit 76 % during the initial Increase and Transformation Plan period. The performance was made public Friday at a consultative conference between ERA and national stakeholders to evaluate the implementation and the next direction of URRAP in the country.
  • Ethiopia: Cash From Any ATM, Begining Today,

    ETHIOPIA, 2016/04/21 Depositors in Ethiopia can cash their account from any ATM even if it is not operated by the bank where they have deposited their savings. The long-awaited national switch system, ET Switch S. C., has gone operational today, April 20, 2016. Et-Switch was established in 2011 by 16 banks, with 80.5 million Br registered capital.
  • Ethiopia: Independent Monetary Policy Curbs Inflationary Momentum

    ETHIOPIA, 2016/04/20 Rosy reports are typical under the policy of the Revolutionary Democrats. Institutions do their best to highlight their positive performances and get praised for them. This trend is so pervasive within the national structure that government reports are received with grains of suspicion in academic and international financial sectors. It is therefore not surprising to see that the initial six-month statement of the National Bank of Ethiopia (NBE), the ultimate monetary authority, paints a blissful image of the economy. Led by Teklewold Atnafu, a governor treated additional as a politician than technocratic policymaker, the central bank departed from popular perception in its statement which declares that the economy is stable. This stability, according to the statement, comes as a result of the tight monetary policy stance being followed in the fiscal year.