Latest News Brief




Meteorology

NASA’s Project to Enhance Forecast, Use of Weather

NASA Great Horn of Africa Project announced a capacity building work to enhance the weather forecast services and effective use of weather forecast in the Horn of Africa. The work is projected to cost 32 million Br, said Tsegaye Tadesse (PhD), manager of the project and Nebraska University staff. The National Meteorology Agency (NMA) has increased the number of Automatic Weather Stations from 37 to 115 within four years and has projected to reach 200 at the end of this fiscal year, said Fetene Teshome, director of the Agency. Due to the involvement of Ethiopian scientists, the project will have great benefits to Ethiopia, Fetene Added.

Publication: Addis Zemen, August 12, 2014.

Finance

Combined Asset of Public Financial Institutions Reaches 290b Br

The Public Financial Institutions Supervising Agency (PFISA) announces that the combined asset of Commercial Bank of Ethiopia (CBE), Development Bank of Ethiopia (DBE), Construction & Business Bank (CBB), and the Ethiopian Insurance Corporation (EIC) reaches 291 billion Br, which is a record high. This is due to the 101.6pc performance of the planned 286.3 billion Br for the just ended fiscal year. Out of the total asset of public financial institutions 84.3pc is owned by CBE while the remaining 15.7pc is shared by DBE, CBB and EIC.

Publication: The Ethiopian Herald, August 9, 2014

Infrastructure

City’s Road Coverage Reaches 17.5pc

Addis Abeba’s road coverage reached 17.5pc with a cost of 6.7 billion Br in the last fiscal year. The road coverage of Addis Abeba city has increased from 4,148Km (15.64pc) in 2012/13 to 4,671Km (17.5pc) in 2013/14.,  Coble stone roads construction has created jobs for 53,573 young workers organized under Small and Micro Enterprises (SME), according to Fekade Haile, general manager of Addis Abeba City Roads Authority (AACRA).  In addition, rehabilitation works were done to 178Kkm of road damaged due to the construction of electricity, water pipe line and telecom facilities.

Lack of sufficient financial ability of some contractors, lack of timely delivery of designs by consultants, limited capacity of the Authority to reassess designs, and lack of timely demolition of houses, electricity and water pipeline facilities are the challenges that faced the road construction in the City, according to Fekade.

Publication: Addis Zemen, August 10, 2014; and The Ethiopian Herald, August 10, 2014

Mining

Ethiopia Earns $514.5m from Export of Precious Metals

Ethiopia earned 514.5 million dollar from the export of gold and other precious metals in the fiscal year of 2013/14. While 194 million dollar came from gold, the remaining was from opal, plutonium and tantalum among others. Even though the price of gold has been fluctuating in the global market, foreign currency earned from gold and other precious minerals has significantly increased due to the increased amount of collection and export, according to Bacha Fuji, communications director at the Ministry of Mining (MoM). The National Bank of Ethiopia (NBE) has increased its collection capacity by purchasing gold at an increased price from traditional miners and expanding its gold collection branches.

Publication: The Ethiopia Herald, August 12, 2014

Aviation

Aviation College Graduates Trainees

The National Aviation Collage graduated 140 trainees. The graduates are composed of cabin crews, ticketing and reservation, airport operation and cargo operation personnels. The increase in performance of the aviation sector has a direct effect in the tourism sector of the country, said Tadelech Dalecho, minister of Culture and Tourism. The tourism sector has generated two billion dollar in last year, according to the Minister.

Publication: The Ethiopian Herald, August 10, 2014.



Published on August 17, 2014 [ Vol 15 ,No 746]


SHARE :
               


Editorial

Our subscribers to the print edition are entitled to get a bonus in a f...


Agenda

Since ATM's were introduced to the banking system in Ethiopia almost a...


Fineline

Our subscribers to the print edition are entitled t...


Commentary

Economic inequality among countries has declined sharply in the past 20...


Viewpoint

Our subscribers to the print edition are entitled to get a bonus in a f...


Opinion

Approximately eight years ago, there was a subject - more than any othe...


View From Arada

Our subscribers to the print edition are entitled to get a bonus in a f...


Editors Pick










MEMBERS' LOGIN

ADVERTISEMENT

ADVERTISEMENT

SUBSCRIBE TO ADDISFORTUNE

Subscribe to our Newsletter

* indicates required