Content: Fortune News

Kifle Horo, former head of the Grand Ethiopian Renaissance Dam, has been named the new chief engineer of the project, replacing the position held by the deceased Simegnew Bekele. Ethiopian Electric Power, the owner of the project, appointed Kifle to head the 4.8-billion-dollar project effective October 3, 2018. Kifle has been serving at Ethiopian Electric […]

The government announced that the first talent youth academy for tech-savvy, math and science enthusiasts will be established in Burayu town, Oromia Regional State. The 1.1-billion-Br academy will occupy 7.2ht of land and will be built by the Ministry of Science & Technology in two phases. Upon completion, it is expected to enroll 1,000 sophomore […]

Three local software companies are competing for a bid to supply, install and commission plagiarism checking software at the oldest university, which has faced problems with duplication of research work on final theses. Alta Computech, Gasha Consulting and Bekuri Software Technology  companies have passed the preliminary evaluation stage of the process during a bid opening […]

Nahoo Television has begun broadcasting the nation’s first shopping channel, mainly devoted to commercials, presentations and demonstrations of products. Nahoo invested 20 million Br in the channel, Mazesha Zone. The broadcaster has at the same time set up warehouses, delivery systems, e-payment mechanisms and credit schemes to facilitate the operations of the satellite channel. The […]

The Addis Abeba Bureau of Culture & Tourism lifted censorship of film and theatre productions effective October 5, 2018, stating that it is “conceding to the constitution”. The censorship was lifted as it contradicts Ethiopia’s constitution, which states that the freedom of the press, mass media and artistic creativity are “guaranteed” by Article 29 of […]

The Ministry of Finance & Economic Cooperation will launch an integrated financial management system in 125 federal institutions this fiscal year. Costing 29 million Br, the Finance Ministry expects the Integrated Financial Management Information System to enhance the efficiency, transparency and accountability of the federal institution’s management of public funds. The system is part of […]

Two local construction firms made the lowest offers totaling 828 million Br to construct two separate projects in Qality: a transportation terminal and a transport management & traffic safety training institute. F.E Construction Plc, a local grade one construction company, submitted the lowest bid of 445.6 million Br to construct the Qality Transportation Terminal on […]

Abiy Ahmed (PhD) has been reelected to chair the ruling EPRDF, carrying an overwhelming landslide victory of 176 votes from 177 council members. His deputy, Demeke Mekonnen has been reelected to the deputy chairman position with 149 votes, running against Debretsion Gebremichael (PhD), who has received 15 votes. In April this year, Abiy had won […]

Bad loans at the state policy bank, Development Bank of Ethiopia (DBE), ballooned to an alarming rate of 39.4pc in the last fiscal year. Recorded previously at 25pc, the Bank’s non-performing loan (NPL) portfolio during the past fiscal year stood far higher than the standard set by the National Bank of Ethiopia, a 15pc maximum. […]

Ahmed Abitew, director of the state policy think tank, assumed board chairmanship of the Commercial Bank of Ethiopia, replacing Yinager Dessie (PhD), who was recently appointed governor of the National Bank of Ethiopia. Sintayehu Woldemichael (PhD), director general of the Public Financial Institutions Supervisory Agency, assigned Ahmed to the post effective September 19, 2018. Yinager, […]

Despite the tough macroeconomic situation in the country, the International Monetary Fund team projected that the gross domestic product (GDP) of Ethiopia would grow by 8.5pc in the 2018/19 fiscal year. Led by Julio Escolano, the team undertook a two-week consultation. In the process, the team met Prime Minister Abiy Ahmed (PhD); Abraham Tekeste (PhD), […]

The government is drafting a new bill that mandates ethics liaison officers at government institutions to directly report to the Federal Ethics & Anti-Corruption Commission. Established a decade ago, ethics liaison units are mandated to coordinate ethical issues and advise the heads of institutions. The officers are also mandated to prevent corruption and impropriety, as […]

The National Bank of Ethiopia has raised the cap on remuneration for board directors at banks, insurance companies and microfinance institutions. The new directive signed by the new governor, Yinager Dessie (PhD), increased the annual compensation for board members to 150,000 Br from 100,000 Br. The directive has also raised the monthly allowance of the […]

Antex Groups, a Chinese textile manufacturing company, has become one of the first firms to enter the Adama Industrial Park. Following a September 2017 agreement with the Ethiopian Investment Commission, which oversees the administration and supervision of industrial development zones, the firm initiated its move into the park by installing some machinery inside one of […]

The government has exempted Ethiopian diaspora from fines imposed when they overstay their visits to the country. Two weeks ago the Main Department for Immigration & Nationality Affairs, which operates under the National Intelligence & Security Service, lifted the fines imposed on expired visas held by Ethiopian-born non-nationals. The decision was made after deliberation by […]

Deputy Mayor Takele Uma assigned Commander Ahmed Mohammed to head the Addis Abeba City Administration Fire & Emergency Prevention & Rescue Authority, replacing Amanuel Redda (Com). The new assignment, effective September 4, 2018, also brought in Tessema Negash (Com) as deputy head. It is not yet clear who Tessema is going to replace, since two […]

The Federal Transport Authority joined the Ethiopian e-Services system, a government platform for online services, by placing over half of its services online last week. The Authority took 18 of its 34 services online, including the issuance of vehicle import permits, competency assurance for garage services and applications for cross-border permits. The Authority has become […]

Mired in political tensions, Ethiopians across the country celebrated Mesqel on Thursday, September 27, 2018, the annual festival of the faithful believe is the finding of the true holy cross of Christ. The most iconic part of the holiday is Demera, where a large pyre constructed with a cross mounted on its top is lit […]

Samson Redae, 45, is unloading sacks of garments brought from Asmara, Eritrea, to Adigrat, a town located about 38Km inland from the border area in Ethiopia. He is one of the hundreds of Eritreans who cross the border daily to take advantage of the recent opportunity the historic rapprochement between the two countries has provided […]

The government has devised a new procedure to allow all upcoming mega projects to commence only after obtaining approvals from the National Planning Commission. Planned project owners of government institutions have to submit feasibility studies to the Commission, which will approve the project after a review of its viability, according to the new procedure. It […]

The Construction Ministry added companies that engage in steel structure related work to a list that requires certification of competence as a prerequisite to obtaining business licenses. The cabinet of the Ministry of Construction (MoC) has approved the criteria and procedures for the issuance of the certificate of competence for steel structure at the beginning […]

Within a year, the government will compel private limited companies to adopt the International Financial Reporting System (IFRS), a set of accounting standards that provide a common global language for business activities. The companies are expected to fully adopt the system and prepare their next fiscal year’s financial report reflecting IFRS. As part of the […]

After opening in Dukem this past week, EKOS Steel Mill became the nation’s 12th steel mill. Owned by five South Korean investors, the company will manufacture reinforcement steel bars and wire rod, offering job opportunities to 92 local people and nine expats. The new plant sits on 10ha of land in Dukem, some 37Km south […]

The Addiss Abeba Micro & Small Enterprise Bureau of the City Administration certified 208 micro and small business enterprises operating in 10 Districts to medium enterprises last week. This certification is achieved when enterprises acquire between half a million Birr and 1.5 million Br in capital. Enterprises engaged in manufacturing are required to show 1.5 […]