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CBE obtains USD 4.8 bln from remittance, export in nine months

The total deposit of the largest state-owned bank, the Commercial Bank of Ethiopia (CBE), has reportedly reached 504 billion birr.

This was disclosed during the bank’s nine-month performance evaluation session held in Adama town, Oromia Regional State from April 19-20, 2019.

CEO and President of CBE, Bacha Gina, attributed the success to the efforts made by the bank to create public awareness and the effective implementation of its deposit mobilization strategy.

According to him, the bank has managed to mobilize 52 billion birr deposit in the last nine months of the fiscal year alone.

It was also able to obtain a total of USD 4.8 billion from remittance, export and others streams during the past nine months; the state-owned bank said in a statement that it has posted on its Facebook page.

According to available documents obtained from CBE, in the bank’s endeavor to enhance accessibility 109 new branches were opened, which brought the bank’s branch network to 1,396. (FBC)

Golden Africa to invest in Ethiopia

Minister of Trade and Industry, Fetlework Gebregziabher, on Tuesday received and held talks with a delegation led by Fouad Hayel, Managing Director of Golden Africa.

Golden Africa is a part of the Hayel Saeed Anam (HAS) group which operates in various business sectors across manufacturing, trading and services.

Fetlework briefed members of the delegation about the huge investment potentials available in Ethiopia and invited them to take advantage of this untapped market potential.

Ethiopia meets about 90 percent of its demand for edible oil through import and the demand will increase as the living standard of the people is improving, she said.

Hence, she said, Golden Africa will be gainful if it invests in Ethiopia by taking advantage of the priority package the country has put in place for investors who want to engage in the manufacturing industry.

Fouad Hayel said his company is keen to invest in Ethiopia as the country is peaceful, has huge labor forces, and is located close to Djibouti port. (FBC)

Commission arrests 3 for illegal trade

The Ethiopia Customs Commission announced Wednesday the arrests of three employees of a German organization for abusing diplomatic privilege and importing goods worth nearly USD eight million without paying taxes, local media reported.

The suspects, along with two others arrested and one who managed to escape, prepared fake stamps of the German Corporation for International Cooperation (GIZ) and a transit company, ICAS, to import 9,000 pounds (4,100 kilograms) of products abusing duty-free import privileges of GIZ, the Customs Commissioner Debele Kabeta said in a press conference he called at his office.

“We don’t believe that GIZ, which has been doing many development projects in Ethiopia, is engaged in this illegal trade. We believe that this shows only the motives of the three employees of GIZ to make profit from this contraband trade abusing the diplomatic rights of the organization,” the Commissioner said.

He said the suspects secured a letter from the Ministry of Foreign Affairs to import 410 goods duty free using GIZ’s diplomatic privilege.

China cancels interest-free loans matured till end of 2018

Prime Minister Abiy Ahmed (PhD) and his delegation met with Chinese President Xi Jinping in a bilateral meeting ahead of the Belt and Road Forum, which was held in China this week.

The Chinese President admired the leadership of Prime Minister Abiy and the reforms he has led over the past year, noting that China holds Ethiopia’s development in high regard, according to the Office of the Prime Minister.

He also shared the cancellation of interest-free loans matured till end of 2018.

Furthermore, President Xi emphasized that the Chinese government attaches high importance to the beautifying Sheger project and is working on a grant assistance in its support.

Both parties agreed to a strengthened cooperation between the two countries in various sectors, according to office of the Prime Minister.

PM Abiy for his part shared with the commitment of Ethiopia to deepening the Comprehensive Strategic Partnership with China, which is enabling critical moves like restructuring the debt of the Addis Ababa-Djibouti railway. (FBC)