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Three new directors are joining the board of the
Ethiopian Insurance Corporation (EIC).
The appointment of the new directors, including Daba
Debele, head the Capacity Building Bureau of the
Addis Abeba City Administration; Degu Lakew, head
of the Government Accounts Sub-processes at the
Ministry of Finance and Economic Development (MoFED);
and Alemnesh Worku, Civil Service Bureau head at the
Ministry of Capacity Building, followed the
appointment of Muktar Kedir, Secretary of the
Ethiopian People's Revolutionary Democratic Front (EPRDF),
as chairman of the board on December 11, 2009.
Muktar replaced the old chairman, Messai Girma. It
is not yet known if the new members will replace any
of the three other directors of the corporation,
including Kassahun Hailemariam, general manager of
the Ethiopian Transport Authority; Tekola Shimeles,
general manager of Ethiopian Postal Services; and
Getachew Adem, Macroeconomic Department head at
MoFED, according to Mekonnen Minda, Corporate Public
Relations and Marketing Department head at the EIC.
“We have received no letter so far regarding any
replacements,” Mekonnen said.
The EIC has been under a new managing director since
December 11, 2009, when the new board chairman was
appointed. Yewondwossen Etafa, the new boss, was the
Insurance Supervision Manager at the National Bank
of Ethiopia.
The EIC was established in 1976 with a paid up
capital of 11 million Br under the military regime
by taking over the assets and liabilities of 13
nationalised insurance firms. It was the sole
insurer in Ethiopia until the end of the regime that
established it.
It reported 55.6 million Br and 68 million Br in
profits for 2006 and 2007, respectively.
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