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Oil companies to take new concessions

Following the removal of the National Bank of Ethiopia’s directive that compels oil and gas companies to open a foreign bank account in Ethiopia international oil companies have shown interest to take new concessions.  

Ayka Addis to fetch 2 bln birr in foreclosure

The ill-fated Ayka Addis Textile and Investment Group, a textile manufacturer which went bankrupt, is said to be foreclosed next month with close to two billion birr, in an effort to recover loans the manufacturer received from the embattled the Development Bank of Ethiopia (DBE). The company used to owe some 2.3 billion birr, The Reporter has learnt.

Plastic pollution: Ethiopia’s reaction  

It is not unusual to come across expressions like somebody or something is “plastic” in modern spoken English to connote an attribute which is highly “unoriginal” or “artificial” or in most cases “fake”.  

RES4Africa targets filling Africa’s energy gap

Renewable Energy Solutions for Africa (RES4Africa) foundation has marked its seventh annual conference in Addis Ababa at Sheraton Hotel on July 19, 2019, making it the first time the conference is held in the African continent.

 Bankrolling the reform

Holding its second IDA19 replenishment meeting in Addis Ababa this week, the World Bank Group and one of its major lending arms dedicated to providing favorable credit facilities to middle and low income countries—the International Development Association—has reaffirmed commitment of support to Ethiopia’s ongoing market reform process, while recognizing the concern of rising external debt levels across half of IDA borrower countries.

Coca-Cola to invest USD 300 mln in Ethiopia

Stretching on 14.3 hectares of land, a new Coca-Cola Factory that requires an investment outlay of two billion birr or USD 70 million, said to be the largest plant for coca cola in the country, is set to be finalized early next year, The Reporter has learnt.

Ethiopia launches railway project with Eritrea

While addressing the Ethio-Italian Business Forum on Thursday, Ahmed Shide, Minister of Finance, told Italian officials and business delegates that Ethiopia is about to pursue a railway project that connects Ethiopia with port cities of Eritrea.