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.

Private airlines ownership questioned The newly established Ethiopian Private Airlines Association asked the Ethiopian Civil Aviation Authority to lift the age limits the authority has imposed on the aircraft that local airlines can import and operate.   

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.

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.   

African Business Aviation Association (AfBAA) has expressed its belief that Ethiopia would soon become African Business Aviation hub.

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.

FL Technics, a Lithuanian company that provides aircraft maintenance, repair and overhaul services, is supplying aircraft spare parts and components to the Ethiopian Air Force for training, transport and multi-purpose aircraft.

Installs treatment plant with soy beans purification agent The Japanese Poly Glu Social Business Co., Ltd. claimed to have introduced a water purification agent extracted from the inner coffee skins which will be processed in Ethiopia in foreseeable future. 

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.

The Ministry of Mines, Petroleum and Natural Gas and the Chinese oil and gas company, Poly GCL, are moving the Ogaden gas development project forward.