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New transport system project launched at a cost of USD 300 mln

Aims to modernize overall transport system in seven years Securing a credit worth some USD 300 million from the World Bank (WB), a new transport improvement project dubbed “Ethiopian Transport System Improvement Project (TRANSIP)” has been officially launched on Thursday.

Zemen replaces VPs pending NBE approval

Zemen Bank, which saw two of its most senior Vice Presidents barred by the National Bank of Ethiopia (NBE) last week, has restructured its operations and appointed three new VPs to take the place of the two barred bankers.

Coffee fetches USD 750 mln, falls short of target

Continuing its dry spell of the past couple of years, Coffee, the major and the oldest export commodity of Ethiopia, has registered another below the target performance in the just concluded fiscal year fetching USD 750 million, quarter of a billion short of the GTP II target of one billion dollars.   

Bottle maker expands to fully supply beverage industry

Allocates 1.5 billion birr for three production lines The sole manufacturer of glasses and bottles in the country, the Addis Ababa Bottles and Glasses SC, has been working on expanding its production line where recently it has increased the daily production to 81 million bottles from the existing 20 million per year.

NBE bans two Zemen Bank VPs

Delivering a serious blow to Zemen Bank, one of the players in the private banking industry of Ethiopia, which is also known for operating on a unique one-branch banking model, the National Bank of Ethiopia (NBE) has moved to ban two senior Vice Presidents of the bank who have worked in their positions for over five years.