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EEPCo Closing in $400m Deal with JP Morgan |
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The Ethiopian Electric Power Corporation (EEPCo),
the state-owned monopoly, is getting close to
finalizing a deal with an international investment
bank to obtain a 400 mln dollar loans, sources
disclosed to Fortune.
JP Morgan Chase, an investment bank headquartered in
New York, will be lending the company the money at a
six per cent interest rate - an amount observers say
is on the high side - to be paid back over 10 years.
According to Bloomberg, the average 10-year lending
rate to AAA-rated companies in the US is currently
5.63pc.
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Central Bank Discovers 96.5m Br in Gold
Bricks Only Gilded |
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The federal police arrested four staff members of
the National Bank of Ethiopia (NBE) on December 7,
2007, who are suspected of involvement in a scam to
fraudulently pass off gilded steel and stone as gold
brick.
“The government has lost 96.5 million Br because the
suspects did not value the high level of trust
bestowed upon them,” Chief Inspector Tewolde Besrat
told the jury. “Though they should have checked what
Kefyalew was supplying was indeed gold, they did
not. In the presence of witnesses, the commodities
have now been found to be of rather different
stuff.” |
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NBE Forces Access to Change to Zemen Bank |
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Access Bank S.C. is now Zemen Bank SC. The embattled
start-up that aspires to be Ethiopia’s only
single-branch bank changed its name this week in the
latest of several delays to its opening. |
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| Agenda |
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For six years, Ethiopia has been conducting a
massive campaign to |
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| Editor's Note |
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Last week witnessed a very interesting
incident at the University of Oxford, |
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| Economic
Commentary |
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At the
end of this month, the African Union Mission in Sudan (AMIS)
hands over to the "hybrid" United Nations-African Union
Mission in Darfur (UNAMID). This marks the end of the
African Union's biggest, most challenging, some say .... |
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OBITUARY |
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Rice Leads Calls for Inclusiveness |
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The 69-year-old was given a promise of unwavering
support by the United States (US) Secretary of State,
Condoleezza Rice (PhD), who came to Addis Abeba on December 5, to hold discussions
with heads of states of the Great Lakes region on
security concerns....
Read More |
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ARCHIVE |
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For New
Banks, the First Steps May Be the Toughest |
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Five new banks are poised to enter the financial sector, attracted by
the unprecedented profits in the industry. The new
contenders, however, .Read More |
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VERBATIM |
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"EPRDF
has a real sense of insecurity; it needs an assurance. It
ought to be us to demonstrate this assurance that should it
lose power at the a ballot box, it will remain a political
force as a minority party". |
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Ledetu Ayalew,
president of the United Ethiopian Democratic Party-Medhin,
explaining to the weekly Amharic "Ethio-Channel" the need for a
paradigm shift among the opposition bloc. |
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View Point |
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Ethiopia
has been fortunate to be selected as host of the 16th
African Athletics Championships. In five months, thousands
of spectators will throng to Addis Ababa for the event,
providing a tremendous opportunit... |
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Life Matters |
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I
found a friend recently who is an avid reader and a
fan of many things, amongst which are.. |
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View From Arada |
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The minister of Transport and Communications was
telling us last week about the accomplishments of
the sector in recent years and .. |
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