Economy

  • CBE at Half Trillion Birr in Assets

     

     

    The state owned financial giant, Commercial Bank of Ethiopia (CBE), total assets will soon climb to a half trillion Birr.

    The bank disclosed in its annual performance for the 2016/17 financial that it has registered massive progresses in every aspect of the banking activity.

    The biggest bank in the country stated that its assets reached to 485.7 billion Birr by the end of the financial year. The capital of CBE has also reached to 40 billion birr. Recently, the government approved a capital increase.

    For the year the bank has earned close to 32 billion Birr in revenue. Of which the gross profit before tax is 14.6 billion Birr.

    In the budget year, an additional 76.4 billion Birr has mobilized from depositors. During the ended fiscal year the total deposit mobilization of CBE has reached 365 billion Birr.

    In the financial year 94.5 billion Birr in loans has been dispersed for businesses and projects, while during the same period the bank has collected 64.6 billion birr from client loans.

    The bank has collected USD 4.5 billion via remittances export trade and other businesses.

    Read More:

     

     

    Read more
  • Egypt is always associated with Nile dam discussions between Ethiopia and Sudan: Ghandour

     

    The Sudanese Foreign Minister Ibrahim Ghandour Tuesday praised the exemplary relationship between Ethiopia and Sudan but was keen to underscore that the talks on Renaissance Dame and Nile Water are always done with the Egyptian participation.

    The Sudanese top diplomat was speaking at a press conference held in Khartoum after the arrival of the Ethiopian Prime Minister Hailemariam Desalegn in an official three-day visit where the two neighbors will sign a number of bilateral agreements in various fields.

    "Sudan’s relationship with Ethiopia goes beyond water issues. The water is a national security issue for Sudan, Ethiopia and the rest of the Nile Basin countries. Also, it is one of the most important issues under the Nile Basin Initiative, the Technical Committee of the Nile Basin and the water agreement between the three countries.(Egypt, Ethiopia, and Sudan), particularly about the Renaissance Dam," he said.

    The issue of water has always been present when two of the three parties meet, but the concern is always "how to have tripartite cooperation between the three countries," he further stressed.

    The Ethiopian multi-billion dollar Renaissance Dam is being constructed on the Blue Nile, about 20 kilometers from the Sudanese border, and has a capacity of 74 billion cubic meters, and is expected to generate electrical power of up to 6,000 megawatts.

    Sudan backs the project because its water will be used to develop the eastern Sudan region while Ethiopia says it intends to produce only electricity and has no interest in the water or any intention to harm Egypt.

    However, Cairo is openly opposed to the project and requests more guarantees that the project will not affect its share of the Nile water.

    Ghandour who held a joint press conference with State Minister for Foreign Affairs, Mrs. Hirut Zemene told reports that bilateral meetings would be held between the respective ministers in the two countries to discuss issues of security, water, economic cooperation, etc.

    Read More:

    Read more
  • Gedam Sefer to be demolished after Ethiopian New Year

     

    Arada Land Management Bureau announced that the entire Gedam Sefer which holds more than 1,200 houses will be demolished soon after September 11.

    A Total of 852 Kebele houses, 17 private and 44 Housing Administration agency houses and other and business shops will be demolished in the area to make way for commercial centers, apartments and green areas.

    But the heritages which are owned by Ethiopian Orthodox Churches and other notable patriots will not be demolished.

    Gedam Sefer which is found at the back of St. George Church near Piassa hosted nuns who were serving the church but through time the places turned in to shelters and became known as a lower income area.

    The redevelopment will ensure the buildings do not hide historical heritages in the area.

    Markos Alemayehu, Public relations officer of Arada Sub- city told Capital that the demolition was supposed to take place last year but was delayed because of some management issues.

    He added that some people have been relocated to another place to hasten the demolition and people will be compensated if their homes are demolished.

    “As the place is found at the hub of the city it needs to be better looking, it needs modern infrastructure and buildings that why the demolition will occur but we will not leave the residents nowhere they can either choose a condo house or Kebele house in another area,” he said. ‘’ For the private house they can construct buildings in the area according to our plan if they can afford that or we will give them the compensation.

    Read More:

      

    Read more
  • Alarm as Drought Kills Two Million Livestock

     

    Drought victims continue to live in fear and uncertainty as the recent severe drought has killed two million livestock so far, according to a report of the Food & Agriculture Organization (FAO) of the United Nations. The primary reason for the death of the livestock is linked to a rise in drought affected areas and people.

    The surge in drought was disclosed by the government after the completion of a Belg assessment Humanitarian Requirement Document (HRD), which was jointly developed by the government and humanitarian organizations, involving more than 200 individuals.

    The current food and nutrition crisis is significantly aggravated by the severe blow to pastoral livelihoods, reads the report of FAO.

    The effects of low rainfall also continue to have a devastating impact on the food security conditions of the country as the number of people who are in need of immediate assistance has increased from 7.8 million to 8.5 million, becoming the third worst drought in half a century.

    Oromia and Somali regional states remain severely affected by the drought, accounting for over half of the drought victims in eight regions of the country, affecting 10.6 percent and 31 percent of their population, respectively.

    Also, the number of priority Weredas has grown from 454 to 461, half of which are severely affected by the drought.

    The report is released as the average price of food has reached its highest level since October 2015, hitting 12.5 percent in the past month, growing by an unprecedented level against the target of the government to keep the rate at a single digit.

    The document showed a significant change in the humanitarian context, requiring urgent life-saving interventions, pushing the humanitarian requirement of the country to 1.2 billion dollars from 948.6 million dollars as of January 2017, of which about 771 million dollars is covered by the government and donations from humanitarian partners.

    The United States, the government of Ethiopia and the United Kingdom are the major donors to the drought with a fund of 179 million dollars, 147 million dollars and 40 million dollars, respectively.

    Read More: 

    Read more
  • Another Great Ethiopian, Habtesilassie Tafesse Dies

     

    Just a week after the honorable Doctor and talented Artist Tesfaye Sahilu burial at the Menbere Tsebaot Holy Trinity Orthodox Cathedral Church, another great Ethiopian Habtesilassie Tafesse, often dubbed, “The Father of Ethiopian Tourism” has died at the age of 90, in the afternoon of Wednesday, August 9, 2017.

    Suffered from Stroke, Habtesilassie had treated abroad and returned from Bangkok, Malaysia, where he went for a better medication. After stroke illness had revived, he treated at the Balcha Hospital in Addis Ababa.

    Habtesilassie spent part of his life, from childhood to the young age in Russia. He even spent 20,000 Birr from his pocket and started a duty-free sell some commodities to tourists during Emperor Hailesilassie I. Habteselassie also made a lot of sacrifices to boost the Ethiopian tourism sector.

    In March 2017, on the occasion of the 4th Tourism Transformation Council’s meeting, Habteselassie bestowed with a recognition achievement from Prime Minister Hailemariam Desalegn as “The Father of Ethiopian Tourism.”

    He was one of the hard working man; even he spent his spare time by creating different entrepreneurship proposals on coffee, among others. He also coined the famous long served Ethiopian tourism brand “Thirteen Months of Sunshine,” now that name has been changed to “Land of Origins” after the establishment of the Ethiopian Tourism Transformation Council and Ethiopian Tourism Organization.

    Many agree that the tourism sector is a vivacious and viable business which provides major economic development opportunities for many countries and means of improving the livelihoods of their citizens.

    No exception for Ethiopia, as it is blessed with bountiful tourism resources with an assortment of beautiful historical, cultural, archaeological and natural tourist attractions. Habtesilassie also called ‘the inventor of Ethiopia tourism’ in those early times hostile to tourism. Exclusive of any hyperbole, he is the uncrowned king of the sector. This great figure, the polyglot, passed through many ups and downs to take Ethiopian tourism industry to the next level of success at any price. What is more, he has been showered with various awards from different organizations for his distinguished achievements for the development of tourism service in Ethiopia and outstanding contributions to the preservation of Ethiopian history and culture.

     

    Read more
  • Koshe Survivors Still Struggle

     

    Though it has been five months since the deadly garbage hill slide occurred in Koshe Open Garbage Dumpsite in Addis Ababa, survivors of the incident are still complaining about unfulfilled promises and harsh living conditions, The Reporter has learnt.

    Survivors told The Reporter this week that they have faced harassment from officials for sharing their current conditions to the media.

    “Previously, you came to us to hear about our problem,” a survivor, who requested anonymity, told The Reporter. “The fact that you came brought more problems and harassment from officials from the wereda.”

    “The officials came with a story published in your newspaper and harassed us for disclosing information to media,” the survivor said.

    “Because of the story, they stopped food rationing for almost two weeks,” the anonymous survivor claimed.

    A week ago The Reporter paid a visit to a temporary shelter, which also served as youth sport center. Even though the survivors were promised that they would get a house, close 90 individuals including women, children and the elderly are still living in the youth center.

    The people that were met by The Reporter expressed their fear and concern for sharing their conditions to the media. On the other hand, there were others who said that they are fed up with the conditions and that they do not fear of openly talk about what is happening.

    The Reporter observed that the people, who were originally arranged to live in two separate rooms, are now residing in a very congested fashion. In that regard, in one of the rooms, which is made of corrugated sheets, close to 60 people have been living since the tragedy. This room is shanty at best with the wind and rain creating unfavorable conditions to children who are exposed to the kiremt cold.

    Read More:

     

     

    Read more