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Ethiopian News


  • Nairobi to Addis Ababa Highway now complete

    The final Kenya – Ethiopia highway stretch under construction between Isiolo and Marsabit is now reportedly also complete, finally linking Mombasa via Nairobi with Addis Ababa by an all tarmac road. The distance from Nairobi to Addis Ababa covers some 1.560 kilometres while from the Kenyan port city of Mombasa this swells to 2.050 kilometres.

    Landlocked Ethiopia, which lost access to the sea when Eritrea gained independence and has since, as a result of hostile relations between the two, had to resort to using the port of Djibouti, has long sought to open up alternate and safer routes to other ports.

    An electric rail line between Addis Ababa and Djibouti was recently opened, adding a key traffic artery for imports and exports but the road link to the Kenyan capital and to Mombasa nevertheless is thought to be hugely important as a strategic link.

    On the Kenyan side are the two remaining stretches of the new highway, financed at a cost of over half a billion US Dollars by the European Union and the Kenyan government, now complete, linking the Northern Kenyan towns of Isiolo and Marsabit with the border town of Moyale.

    On the Ethiopian side was the tarmac highway already completed for some time, just waiting to be linked to the Kenyan portion before a generation old dream to link the wider Eastern African region with a major highway has now become reality a one-stop border post will also be installed, like between the East African Community countries, to make transit of cargo and people easier and facilitate an increase in trade and travel.

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  • CBE Loses 7m for Fraudster Family

    The Commercial Bank of Ethiopia has lost more than seven million Br to a bank fraud perpetrated at its headquarters. Twelve defendants, members of the same family, were charged with fraud and found guilty.

    Prosecutor states in the charge that in December 2012, 6.6 million Br was transferred from the bank into the account of a shell company called GBC Construction Plc. An amount of 400,000 Br was also transferred into the account of another company, Wondimagegn Deza Building Construction Plc.

    Bank frauds following same pattern and design have been repeatedly committed in the past year. In March 2016, 19 million Br was transferred from the Ethiopian Shipping Lines & Logistics Services Enterprise’s (ESLSE) account at the Commercial Bank of Ethiopia to the account of a fake company called Welka Plc.

    The Attorney General later brought another charge alleging that 5.8 million Br was transferred from the account of the enterprise at the Commercial Bank of Ethiopia to the account of a private limited company run through forged documents.

    According to the charges, Tamrayehu Tekle and Ephrem Woldetensay, while working as a customer service officer and senior officer respectively at the headquarters of the bank transferred more than seven million Br into the accounts of companies run by their relatives, using the usernames and passwords of other coworkers.

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  • Cuba, Ethiopia and Sri-Lanka Sign Cooperation Agreements

    HAVANA, Cuba, Nov 7 (acn) Cuban Science, Technology and Environment minister Elba Rosa Perez signed scientific cooperation documents with her counterparts from Ethiopia and Sri-Lanka.

    The Cuban minister and Ethiopia´s State Minister Ato Reggassa signed a five-year-term document to organize the exchange by Cuban and Ethiopian academics, industrial specialists to develop projects and initiatives in their respective fields.

    The accord also stipulates scientific exchange and the strengthening of links in biotechnology, sugar technology, the pharmaceutical industry and the fight on cancer.

    The Cuban official also signed a MOU with Sri Lanka´s Science and Technology minister Susil Premajayantha for cooperation in the areas of biotechnology, nanotechnology, mechanical and electronic engineering and information technologies.

    The Memo also refers to Metrology, the processing of minerals and renewable energies.

    Ethiopia is mainly an agricultural country in Africa with over 83 million inhabitants. Its city capital Addis Ababa and Sri Lanka, originally was famous for its production and export of cinnamon and rubber and Ceylon tea back in the 19th and 20 centuries. It has a population of 20 million inhabitants

    Source: cubanews.acn.cu

     

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  • Zuma in Ethiopia for meeting on Libya

     

    President Jacob Zuma has arrived at the Ethiopian capital Addis Ababa to attend a high level meeting on political and security crisis afflicting Libya.

    There is concern amongst African leaders that the terror group ISIS is using instability in Libya to launch attacks in neighbouring countries like Chad and Mali.

    The government of the strife torn Libya have over the years made a broad appeal for aid to fight Islamic State and rebuild the shattered country. Since the toppling of Muammar Gaddhafi in 2011, Libya has become one of the most unstable countries in Africa.

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  • Egyptians arrested in Addis Ababa

    (DireTube News. Addis Ababa, Ethiopia) – The weekly business newspaper, Capital, has reported that two Egyptian citizens were detained by Ethiopian security forces in the past week. Reports of the arrest came amid heightened tension between Egypt and Ethiopia over Addis Ababa’s accusation that Cairo supports Ethiopian protesters and rebel groups. 

    “According to [our] sources, one of the Egyptian citizens was arrested from Radisson Blu Hotel. Taha Mansour, Executive Assistant Manager of Radisson, has been arrested from the hotel on Monday, October 31, after special security forces surrounded the hotel, according to sources,” Capital reported. “Taha has been working at the Radisson Blu since November 2012 after he moved from Radisson Blu Resort El Quseir, in Egypt.” 

    However, the paper said it was unable to confirm whether the Egyptians were arrested in relation to the recent unrest or other issues. It also said it couldn’t get an official confirmation on how many Egyptians were arrested in the latest security forces raid. 

    “But it has been confirmed that two Egyptians were arrested in the beginning of the week.”

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  • Turkish giant to invest USD one billion in Beles sugar project

    The Turkish giant, Bedisa Group, is negotiating to take over 75 percent of Beles Sugar Project, which is located at Amhara Regional State, some 576kms from the capital Addis Ababa, by investing USD one billion. Bedisa will sign an agreement with Ethiopian Sugar Corporation at the end of this year enabling the Group to form a joint venture with Ethiopian government on sugar project.

    The Chairperson of Bedisa Group, Binai Boran told The Reporter that he was negotiating with the government to form the joint venture for the last three years. “The negotiations are bearing fruits and we are going to take over 75 percent of Beles I and II,” he noted.

    The total value of the two projects are estimated to be around USD 1.4 billion and Bedisa will invest a little over one billion of this amount to secure the JV deal. The Group is planning to finance a portion of the investment project by its own while the remainder of the project cost is expected to be paid for by accessing loans from local and international banks.

    According to Boran, the agreement between Bedisa and the Ethiopian Sugar Corporation will be signed at the end of this year and the sugar factories will start crashing sugarcanes at the second quarter of the next year. A total area 50,000 hectare is expected to be covered by sugarcane plantation serving the two sugar crashers. Both the plantation and other water requirements are expected to be supplied by Beles River through a diversion weir built on it.

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