The UK gold exploration and development company, KEFI Minerals, has raised an additional investment capital of GBP 3.7 million for the development of the Tulu Kapi gold mine in Western Wollega, in the Oromia Regional State.
For the first time, Australia and Russia have agreed to supply a total of 500,000 metric tons of wheat to Ethiopia for USD 150 million, on a state to state level agreement, in which the majority of the purchase order undertaken by Australia.
The Council of Ministers boosts the policy bank, the Development Bank of Ethiopia (DBE), through a capital injection of 28.5 billion birr, four times the preexisting capital of 7.5 billion birr. This decision was made at the Council’s extraordinary meeting held on May 7, 2020, The Reporter has learnt.
The International Monetary Fund (IMF) slashed the projected economic growth of Ethiopia for the second quarter of the year 2020 from 6.2 percent to 3.2 percent because of the impacts of the on-going COVID-19 crisis. The third quarter of the same year is also projected to see a decline of growth from 6.1 percent to 3.7 percent.
A local tech firm, BT Net Technology PLC, has launched the first-ever support platform for crowd-funding in Ethiopia. An online platform dubbed ‘Degafi’ is designed to enable individuals, charities and start-ups, publicly raise funds for their projects.
GreenComm Technologies LLC Ethiopia is set to construct a GTL (Gas to Liquids) Refinery, worth USD 3.6 Billion, to help Ethiopia take advantage of its natural gas deposit and help it transition into liquid petroleum gas and petrochemicals.
As the impact of the coronavirus pandemic is becoming more visible on social and economic life of the world, countries like Ethiopia are feeling the burn in terms of unprecedented decline in remittance, composed mostly of private and public transfers, further contributing to the shrinking balance of payment of the country.