Amhara, Foreign Investors Launch Projects Worth 6.4bn Br

Foreign investors with a combined capital of 6.4 billion Br received licenses in Amhara Regional State over the past six months. Investors from Turkey, Sudan, the US, Israel, Sweden, Britain, Yemen, and Jamaica will carry out about 86 projects in joint ventures with Ethiopian investors. The projects mainly focus on tourism, social services, floriculture and horticulture development, textile, metal, and agro-processing industries. Upon going fully operational the investment projects would create 50,000 job opportunities.

Private banks continue to add to their number of branches. In an aggressive move to expand its reaches, Oromia International Bank (OIB) opened three more branches on February 7, 2009, in Bedele, Jimma, and Nekemte towns of the Oromia Regional States. These increased the total number of branches the bank has opened over the past five months to 10. OIB was officially inaugurated on February 8, 2008, by Aba Dula Gemeda, President of the Oromia Regional State. Likewise, United Bank opened its 37th branch in Mojo town of the Oromia Regional State on January 28, 2009, while official inauguration was held on February 12, 2009. Similarly, Dashen Bank officially inaugurated its 50th area bank in Bedele town in its newly built building constructed for 10 million Br on February 12, 2009.

Ethiopian Aviation Academy to Get $43m Investment

Ethiopian Airlines Strategic Business Unit Executive Vice President, Kinfe Kahssaye, announced the airline's plan to invest 43 million dollars over the next three years to improve the facility of the academy. The Ethiopian Aviation Academy (EAA) was established in January 2007. It has combined the separate training centres offering trainings attached to various departments. The training centres have played decisive roles in the growth and business sustainability of the airline, he said. The academy is accredited by the Ethiopian Civil Aviation Authority which follows the guidelines of the International Civil Aviation Organization, Kinfe added.

City Government Collects nearly Two Billion Br

The Addis Abeba City Government has collected nearly two billion Br in revenue over the past six months. While presenting a report to the City Council's first year's 3rd Regular Session opened on February 10,  2009, city Mayor Kuma Demeksa said 1.1 billion Br was obtained from taxes, and the balance from non-tax titles.

The Finance and Economic Development Office of the Nifas-Silk District of the Addis Abeba City Government said that it has collected close to 269 million Br in revenue over the last six months. The District Information and Public Relation Office indicated that the revenue was collected from direct and indirect taxes and municipality services. The Head of the office, Nesir Hussen, said that the revenue collected in the period reported exceeds that of the same period last year by 142 million Br. The awareness created among the public through the sensitization activities by the district has contributed to the better performance, he added.

Coffee Brews 122m Br from Exports

The Sidama Coffee Growers Association in the Southern Nation Nationalities and Peoples Regional State (SNNPRS) said it collected over 122 million Br from the export of 2,950tn of coffee last fiscal year. Union Finance and Administration Head Dansamo Dangamo told Walta Information Center (WIC) recently that the union is working to create a better environment so that coffee growers can get better income through employing modern technology. The union has made over 19.8 million Br in profit from the export, he said.

 Particle Board Factory Begins Supplying Market

A particle board factory established with a 230 million Br capital in Maychew Town, Tigray Regional State has begun supplying its product to the market, factory manager Abraha Girmay (Eng.) said. The engineer told Ethiopian News Agency (ENA) that this development follows the completion of construction and installation on Monday, February 9, 2009. He said that 40,000 quintals of chip wood goes into the market in three shifts daily. The factory would meet about 75pc of the local demand for chip wood in the future, and create 300 jobs.