Published On  Nov 27,  2011






Follow us on Twitter


 News Feed

 Column Feed


Follow us on Twitter  Twitter
Bookmark and Share



























Seen in the picture are Meles Zenawi (left), prime minister and chairperson of IGAD, and Mahboub Maalim, executive secretary of IGAD, preparing for the closed session of the meeting.

Ethiopian troops are likely to head back to Somalia in the coming few weeks after two years since they withdrew ending its two and half years presence there. The Inter Governmental Authority on Development (IGAD) during its 19th extraordinary meeting of the heads of states of member countries held on Friday, 25, 2011, called upon Ethiopia to support Kenyan and the African Union Mission in Somalia.

Around 9,000 AMISOM soldiers, mostly from Uganda and Brundui, are on the ground fighting Al-Shabab, an Islamist militant group categorised by Ethiopia as terrorist group, trying to take over control of Somalia. They have been joined by Kenyan troops six weeks ago which went into the country claiming self defence. 

The call for Ethiopia to support these troops comes amid reports of sightings of Ethiopian troops in Somalia by many international news outlets. This was categorically denied by government officials.

“If we already had forces in Somalia, then it would not make sense for IGAD to call for our support,” Dina Mufti, spokesperson for the Ministry of Foreign Affairs, told Fortune “We have heard of these allegations and still maintain that they are untrue.”

However, the call for help is likely to get a positive response. The type and duration of support is yet to be decided, according to Dina.

“However Ethiopia had never failed IGAD and will not do so now,” he told Fortune.

The heads of states also condemned Eritrea for supplying ammunitions to Al Shabab. This accusation has been coming from Kenya, the United Nations and Ethiopia. Although the UN Security Council has put a travel sanction on officials of Eritrea before, the IGAD has been calling for more stringent measures. Gabon has tabled a draft resolution that just does that. It calls for ban of imports on Eritrean minerals and also prohibits foreign mining companies from investing in the nation's mining sector. 

A ban on the two per cent diaspora tax paid by Eritreans working aboard is also called for in the draft. If passed this would be a big blow for the Eritrean government, whose list of enemies is growing by the day including the United State, whose state department recently issued a travel advisory to its citizens three weeks ago.


Cabinet Approves City Restructuring


As Addis Abeba kicks off its celebration of the 125th anniversary of its foundation, the city administration is to see major restructuring with the establishment of new entities, amalgamation of old ones and changes to the supervisory role of the mayor.


Read More

Salini Aims to Make CBE HQ its First Building in Ethiopia

Salini Construction Spa, an Italian based Co, which has been involved in dam projects for over half a decade, is looking to get into its first building construction after showing interest in the headquarters of the Commercial Bank of Ethiopia (CBE).


Read More


ERCA Amends Duty Free Insurance Directive to Exclude Diplomats

The loan agreement of 60 million dollars with the Export - Import Bank of China for the construction of the road from Meskel Square to Bole Ring Road Roundabout tabled to Parliament on Monday, November 7, 2011, has been sent to the City Development & Construction standing committee for comments. 


Read More

ERCA Grants Privileged Status to Premier Companies

The Ethiopia Revenues & Customs Authority (ERCA) has selected 10 companies from the manufacturing sector as Authorised Economic Operators (AEO). This status entitles them to preferential treatment during customs clearing.


Read More

Zemen Nominates Abyssinia VP as President

The Board of Directors of Zemen Bank have nominated Anteneh Assefa, vice president of operations at Bank of Abyssinia (BoA), to be its president and submitted his name to the National Bank of Ethiopia (NBE) for acceptance.


Read More

Gov’t Mapping Soil to Fertilize Better

A study to develop a national soil fertility map is being conducted by the Ministries of Mine, Agriculture and Industry with the Agricultural Transformation Agency (ATA) to enhance productivity in agriculture.


Read More

Castel Savours Rift Valley for New Wine Brand Name

Castel has settled on the name Rift Valley for the local wine brand that is to be available on the market this year, according to sources from the company. The Ethiopian winery, which had its first ever harvest day on November 1, 2011, expects to enter the wine market with around 250,000 bottles in the coming four months.


Read More

USAID Backs Local Banks’ Health Sector Loans with $13m

The United States Agency for International Development (USAID) has signed the first ten-year risk-sharing agreement with Abyssinia and Nib International banks worth 13 million dollars for loans extended to investments in the health sector.


Read More

Year of Turmoil Brings High Profit for Awash

Despite being in the limelight for most of the year due to the turmoil in its top ranks, Awash International Bank (AIB) recorded 360.6 million Br in profit after tax in 2010/11, the highest in its 16-year history.


Read More

Taxis Denied Additional Time To Pay Premiums

Taxi owners Associations have once again requested a grace period to pay the premium rates on compulsory third party vehicle insurance against third party risks and to do so in instalments, but the Insurance Fund will not relent.


Read More

Nile Dividends Go Down, Headquarters Go Up

Nile Insurance Company has announced that its net profit after tax for fiscal year 2010/11, declined by 9.5pc from 25.5 million to 23 million Br.


Read More



Water Relief

Finally, the thirsty town of historic Harer has got water, after its residents waited for almost a decade. Yet, some part of the town is bound to wait for even longer due to lack of transmission pipelines...


Read More



Personal Khat Delivery

Abuzz around Addis

A new business model in the delivery of goods to the doorsteps of customers seems to be catching on in the marketplace of Addis Abeba. Not with food, flowers, or groceries but with khat, the euphoric green leaf many in the capital chew regularly.


Read More







       Home Page / Fortune News / News In Brief / Agenda / Editor's Note / Opinion / Commentary / View Point

 Cartoons / Comic Strips / Gossip

   Terms & Conditions / Privacy
© 2010