Chamber Finally Gets City Partnership for Int'l Trade Centre

After what is considered painstaking negotiations that took six months, the Addis Abeba Chamber of Commerce and Sectoral Association (AACCSA) and the City Caretaker Administration last week signed a memorandum of understanding (MoU) to jointly carry out the construction of Addis-Africa International Trade Centre. Mayor Brehane Deressa and Eyesus Work Zafu, president of the Chamber, signed the MoU at the Municipality Hall in Piazza on February 21, 2008.  Read More

Ethiopia to Be Featured at World Coffee Conference

Ethiopia will be featured in two forums in the 20th Annual Specialty Coffee Association of America (SCAA) Conference and Exhibition to be held in Minneapolis, Minnesota, from May 2-5, 2008, focusing on the trademarking and licensing initiative and ways Ethiopian producers and international distributors can work together to increase the supply of the country’s premium coffee. The Association has picked Ethiopia as the first African ‘Portrait Country Sponsor’ in the events history.

More Properties Frozen in NBE Gold Scandal

The First Criminal Bench of the Federal High Court last week froze properties belonging to WOW International Garment Factory in the latest chapter of the gold scandal saga at the National Bank of Ethiopia (NBE).  The Factory, which went operational a year ago, is among the holdings claimed to have been registered with Abdurshikur Mohammed Sofam, a businessman suspected of involvement in the scam.

Italian Consta JV Subcontracts Railway Rehab to Mesfin Industrial

Consta Joint Venture (JV), a subsidiary of Italian Consta Consortium, subcontracted Mesfin Industrial Engineering, a subsidiary of EFFORT, to construct bridges on the Ethio-Djibouti Railway with a cost of 40 million Br. Consta has earlier taken the rehabilitation project of the Railway that is to be carried out in two phases.

Court Denies ETC’s Former Chief Bail

The Federal High Court has thrown Tesfaye Birru, former CEO of the Ethiopian Telecommunications Corporation (ETC), who was arrested early last week, into jail, denying him bail rights. The Federal Ethics and Anticorruption Commission pressed charges against Tesfaye and 26 executives of the Corporation under his supervision on January 11, 2008, alleging that they have cost ETC 1.54 billion Br from 2003 to 2006 in a shady deal struck for hiring a contractor for the mobile expansion project and suppliers of a solar power equipment procurement.

Exporters with Awash Fetch $150m in 2007

Awash International Bank SC announced that exporters working with the Bank in 2007 have generated close to 150 million dollars in foreign currency. This was disclosed at the ‘Exporters Day’ that it held for the second time at the Sheraton Addis on February 19, 2008.

Financial Institution Salary Hike Request Lands on Prime Minister’s Desk

The Public Financial Enterprises Agency has tabled the salary adjustment requests of financial institutions to Prime Minister Meles Zenawi, sources disclosed. Subsequently, the labour union of the Commercial Bank of Ethiopia (CBE), which had demanded a response within 15 days threatening to take measures, has lifted its time limit.

Hotel De Leopol Appeals to Mayor for Adjacent Plot

Owners of Hotel De Leopol were busy last week lobbying Mayor Brehane and other senior officials of the city to discard the decision of the Kirkos District Land Administration Bureau to grant a tract of land in front of the Hotel to Dink Sira Cooperative, consisting of nine businessmen.

Largest Road Project of Year

The Ethiopian Roads Authority (ERA) granted its largest project of the budget year, a 220Km Jimma-Bonga-Mizan asphalt construction, to the Korean Keangnam Enterprises Ltd. The project that is divided in two phases worth 1.4 billion Br, more than 10pc of the Authority's 8.8 billion Br budget for 190 roads, is expected to be finalised in 34 months.