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Ethiopian News

Foreign firms to get a piece of Ethiopia’s financial sector

Published: May 26, 2014 by bini Filed under: Ethiopian News Business
Addis Ababa, Ethiopia - The National Bank of Ethiopia (NBE) has allowed local and foreign private companies to engage in one of the more modern businesses in the financial sector, the capital goods leasing business, The Reporter learnt.

Governor of NBE, Teklewold Atnafu, told The Reporter in an exclusive interview that any Ethiopian or foreign citizens who seek to engage in the capital goods leasing business can take part after fulfilling the requirements, as it is common when forming a share company like banks as well as insurance companies.

He added that the service is similar with the banking service. “Banks are providing finance while capital good leasings are providing goods,” he said.

“The only financial business which is already permitted for foreigners to partake in is finance leasing” Teklewold said, adding that the government came to this decision as it does not have a negative impact on the main financial sector.

Reykjavík Geothermal to Begin Drilling in Ethiopia

Published: May 26, 2014 by bini Filed under: Ethiopian News
Reykjavík Geothermal to Begin Drilling in Ethiopia

Reykjavík Geothermal and the African Union will sign a USD 8 million (EUR 5.8 million, ISK 900 million) contract today allowing Reykjavík Geothermal to start drilling in the Ethiopian Rift Valley as part of two 500 MW power plants under construction. The energy produced by the power plants will be sold to the state electrical company Ethiopian Electric Power (EEP).

The contract will be signed by Dr Elham Mahmoud Ahmed from the African Union and Þorleifur Finnsson from Reykjavík Geothermal, reports.

The USD 8 million is being financed by the Ministry of Development in Germany, the European Union African Fund, and the German Development Bank.

The total cost of the project is expected to be USD 4 billion.


Africa's 'Re-Imagination Creative Hub'

Published: May 26, 2014 by bgt Filed under: Ethiopian News Social Affairs

Africa's 'Re-Imagination Creative Hub'

The renowned African-American hip-hop artist/actor, Yasiin Bey (formerly known as Mos Def), is in Addis Ababa along with more than 100 writers, poets, musicians, filmmakers and artists as part of a discussion entitled "Africa Re-imagination Creative Hub

(ARCH): Developing the identity, heritage, arts and culture chapter for Agenda 2063," which is being held at the African Union conference center from May 21-25.

Apart from Yasiin Bey, some of the renowned personalities in the discussion include Jamaican reggae star Sizzla Kalonji; the Nigerian poet and novelist Ben Okri; the South African poet, sculptor, writer Pitika Ntuli and the Malian famous Kora player Mamadou Diabete. In this discussion not only the famous artists but also promising artists are also part of the discussion. The African Union Agenda 2063 sets to lay a foundation for how to involve the creative economy into the bigger picture and envision a 50-year plan. Some of the expected possibilities of the discussion are to present proposals on the participation of the creative economy in the development and implementation of Agenda 2063.

Some of the raised agendas are African identity and renaissance, democratic governance: role of the arts and cultural activists; determining Africa's destiny; writing and designing Africa's narratives and scenarios for and by Africans, social and economic development; utilizing technology to promote the creative economy and launch of Dot Africa; agenda for peace and security: securing lasting peace by 2020 through the creative economy raised.

Within the discussions, the cultural and visual, the intangible and cultural heritage, education and training, intellectual property, archiving and preservation, resources, both human and material to achieve the goals were reviewed.

There was also an open mic session with storytelling, poetry, music, dance and comedy. The discussion will be closed tomorrow with exhibitions and performances.

Ethiopia's Yemane Tsegay runs record Ottawa marathon

Published: May 26, 2014 by bgt Filed under: Ethiopian News Sport News

Ethiopia's Yemane Tsegay runs record Ottawa marathon

Yemane Tsegay completed the fastest marathon ever on Canadian soil on Sunday, running away from the field and running to victory in the Scotiabank Ottawa Marathon.

“I would like to thank the Canadian (spectators) because I saw them all over, and that was a big encouragement,” the 29-year-old Tsegay said after crossing the finish line in two hours six minutes 54 seconds, which not only sliced 31 seconds off the national all-comers record that Deressa Chimsa established last fall in Toronto, but also obliterated the year-old Ottawa standard (2:08:04.8) set by a third Ethiopian, Tariku Jufar.

“This was the first time that I’ve (competed) in Canada, and, when I get the record, it is a really nice surprise for me, and I’m really delighted,” Tsegay added through a translator.

Tigist Tufa completed an Ethiopian sweep of the marathon titles for the second consecutive year, claiming the women’s title with a time of 2:24:31, which was not only a personal best by more than 3 1/2 minutes, but also nearly a minute better than the year-old event record of Yeshi Esayias.

“I was really very much prepared to win,” said Tufa, who crossed the line nearly three minutes ahead of Ethiopia’s Meseret Tolwak (2:27:26). Kenya’s Agnes Kiprop (2:28:05) was third.

Welkite Universtiy is Helping Victims of the Blaze

Published: May 26, 2014 by bgt Filed under: Ethiopian News Education
Welkite Universtiy is Helping Victims of the Blaze

The fire that broke out yesterday night at the Welkite University campus destroyed a dormitory building having twenty eight dorms. About 170 students’ properties are also destroyed in the blaze.

The university’s president Dr. Admassu Shiberu Shibiru told DireTube News that the possible cause of the accident might have connection with an electric problem though it is still been investigated.

He also told that mattresses, sheets, blankets and new dormitories are provided for students whose dormitories are burned down with their belongings.

Today in History: IDF Airlifts 14,500 Ethiopian Jews to Israel

Published: May 26, 2014 by bgt Filed under: Ethiopian News Social Affairs
Today in History: IDF Airlifts 14,500 Ethiopian Jews to Israel

“Next year in Jerusalem” are words spoken by Jews all over the world. For the Jews of Ethiopia, this dream was a promise.

Exactly 23 years ago , the IDF carried out Operation Solomon, a massive airlift that brought Ethiopian Jews to Israel. After 34 planes and 36 hours, the Israel Air Force safely carried 14,500 Jews to Israeli soil. The mission remains the largest aerial expedition in Israel’s history.

In the 1970′s, the Israeli government made the decision to authorize the use of the IDF to enable the immigration of thousands of Jews who were living in Ethiopia, a country that at the time prohibited its citizens from emigrating to Israel. Beginning in 1984, the IDF brought Ethiopian Jews to Israel in three airlift operations, the last of which was Operation Solomon in 1991.

“Operation Solomon truly represents what Zionism is,” said Israel’s air force commander of the time, Maj. Gen. Avihu Ben-Nun. “It demonstrates the purpose for the State of Israel: to provide a home and shelter for Jews around the world who have suffered and were prosecuted merely for bearing the Jewish religion.”

It was a great operation on a global scale. “Never before, did so few pilots transport such a great number of people in such a short time,” Maj. Gen. Ben-Nun said.

Turmoil in Ethiopia

In 1991, Ethiopia was experiencing great political instability. The acting government was weak, and the likelihood of it falling to Eritrean rebels was high. Ethiopia’s Jews were in danger. On March 7, Uri Lubrani, an Israeli diplomat, reported on the worsening military situation in Ethiopia, and advised the formulation of “an emergency plan, for the protection and evacuation of the Jewish community.”

Leading up to the operation, $35 million were raised almost overnight in order to pay the Ethiopian government to allow the Jews to leave.

The operation begins

The Israel Air Force allocated six Boeing 707 and 18 Hercules planes capable of carrying 18,000 people. The mission had two stages: a three hour flight to Addis Ababa (using the Boeing 707 plane) and another five hours to Israel, using the Hercules aircraft. A modern version of the Hercules, the C-130J-30 Super Hercules, is still in use in today’s IDF missions.

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