N e w s

Ethiopia: Addis Bank Registers Huge Profits

Addis International Bank has had an impressive year, registering an annual profit growth of 100pc, since its establishment in 2011 as one of the late entrants into the banking industry. The Bank earned a net profit of 85.3 million Br in the 2015/16 fiscal year, a 46pc increase over its performance in the previous year.   The Bank currently claims to have over 8,370 shareholders with over 532,580 shares.   The Bank's major.... Read more »

Posted on : Friday , 3rd February 2017

Ethiopia: Development Bank Begins Processing Commercial Farm Loans

Loan applications from close to 260 commercial agriculture investors have got the green light to be processed after a year long hiatus on agricultural loans. This was announced by Development Bank of Ethiopia, a major financier of such loans, on January 27, 2016.   The Bank announced that it would restart the process of issuing loans to commercial farm investments.   Aside from the existing loan applications, the Bank will start to.... Read more »

Posted on : Friday , 3rd February 2017

Rwanda: Parliament Passes Bill Splitting Natural Resources Authority Into 3 Independent Bodies

LEGISLATORS in the Lower House, on Tuesday, passed a series of Bills that will see Rwanda Natural Resources Authority (RNRA) dissolved and replaced by three independent and specialised bodies focused on oil, gas, and minerals as well as land, water, and forestry.   The basis of the draft laws was unanimously approved by the House, last week, when tabled by the Minister for Natural Resources, Dr Vincent Biruta, who also sought and.... Read more »

Posted on : Friday , 3rd February 2017

Rwanda: New e-Waste Recycling Plant to be Operational End of the Month

Old computers, mobile phones and other electronic gadgets will soon be put to good use following the completion of a recycling plant scheduled to open in Bugesera District this month.   According to officials, final touches are being put at the plant that will dismantle and recycle electronic and electrical equipment to offer an 'end of-life' solution for out-of-use electronic waste.   Olivier Mbera, the programme manager of the.... Read more »

Posted on : Friday , 3rd February 2017

Ethiopia: Authority Awards Road Construction Contracts worth Billions

Six new roads are in the works in the Southern Nation Nationalities & Peoples' regional state, Somali regional state, Oromia regional state and Benishangul Gumuz regional state. The projects were awarded to three foreign contractors and three local private construction companies by the Ethiopian Roads Authority (ERA). All six projects are worth six billion Birr.   The award ceremony was held at the headquarters of the authority by.... Read more »

Posted on : Friday , 3rd February 2017

Kenya tops East Africa with Maximum Mega Infrastructure Projects, Confirms Regional Powerhouse Status

Kenya had the highest number of mega infrastructure projects in East Africa in 2016, Deloitte has said, noting it helped the country to maintain its lead as the regional powerhouse.   There were 11 ongoing projects valued at $7.01 billion (Sh727.98 billion) in the country last year, the consultancy firm said in the 2016 Africa Construction Trends Report.   The top projects comprised both public and private investments such as the.... Read more »

Posted on : Thursday , 2nd February 2017

Ethiopia, AfDB Sign 2 Billion Birr Finance Deal for Road Upgrades

 African Development Bank (AfDB) and Ethiopia concluded a financing agreement of 2 billion Birr. The agreement was signed on January 30, 2015. Out of the entire 2 billion Birr, 65 percent of it was extended as grant while the rest 780 million was loan.   The money obtained via loan and grant is expected to be used for Jimma – Chida and Sodo – Sawula Road Upgrading projects. The roads that stretch for 220 kilometers are.... Read more »

Posted on : Thursday , 2nd February 2017

"Creating Jobs in Ethiopia is in UK's Interest" - UK International Development Secretary

Nowhere shows the profound way that Britain says it is looking to change and sharpen its approach to international development and aid for the poorest countries in the world than Ethiopia.   This is a country synonymous with food instability, drought and inevitably malnutrition and famine where tens of millions have been dependent on subsistence farming.   Very few will ever forget the worldwide humanitarian efforts spearheaded by.... Read more »

Posted on : Thursday , 2nd February 2017

"Creating Jobs in Ethiopia is in UK's Interest" - UK International Development Secretary

Nowhere shows the profound way that Britain says it is looking to change and sharpen its approach to international development and aid for the poorest countries in the world than Ethiopia.   This is a country synonymous with food instability, drought and inevitably malnutrition and famine where tens of millions have been dependent on subsistence farming.   Very few will ever forget the worldwide humanitarian efforts spearheaded by.... Read more »

Posted on : Thursday , 2nd February 2017

Africa: How Investing in Africa's Agri-Food Systems Can Benefit the U.S.

The US's incoming administration has an historic opportunity to extend America's global leadership by promoting the economic transformations underway in Africa. An effective US strategy would be based on the fact that Africa's development still greatly depends on the performance of its agri-food systems.   Farming remains the primary source of employment for 65% of Africa's population. Poverty rates are in decline. But they remain.... Read more »

Posted on : Thursday , 2nd February 2017

Tanzania: Power Connection Costs Need to be Reduced - MP

Dodoma — The service line charged by the Tanzania Electric Supply Company (Tanesco) for power connection is too high and needs to be revised, a Member Parliament declared here yesterday.   Daniel Mtuka, the Manyoni East legislator (CCM), said in the cost imposed by the company was unbearable for Tanzanians in rural and urban areas compared to the cost charged by the Rural Energy Agency (REA) for the same service.   "Most.... Read more »

Posted on : Thursday , 2nd February 2017

Rwanda: Tanzania-Rwanda Railway Project to be Delayed

The timelines for the construction of the Central Corridor standard gauge railway project connecting Tanzania, Rwanda and Burundi have become hazy, as partners report increasing difficulty in concluding funding arrangements for the $7.6 billion project.   Although officials in Kigali say Rwanda and Burundi agreed to keep their political differences out of the 1,672km project that promises their landlocked territories a low-cost link to.... Read more »

Posted on : Thursday , 2nd February 2017



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