(UPDATED) 03 June 2014 Economic News Round-Up


Micronutrient Conference Kicks Off Here


Addis Ababa June 3/2014

Micronutrient Conference Kicks Off Here

First Lady Roman Tesfay


The world’s leading nutrition, food security, global health and agriculture experts are in Addis Ababa to address micronutrient malnutrition, which affects one in three people in the world at the 2014 Micronutrient Forum Global Conference.

The overall goal of the Conference is to help reduce malnutrition and its consequences by fostering dialogue, partnership and new evidence.

The Conference is being held under the theme: ‘building bridges’ with an emphasis on bridging scientific advances and multi-sectoral programming needs to ensure adequate micronutrient intake and status across the life cycle.

The conference brings together people from a wide array of sectors, including nutrition, health, agriculture, social protection, food security, the private sector and their spheres of influence.

Speaking on the occasion, First Lady Roman Tesfay stressed the need to work hard to expand the results gained so far in improving the micronutrient status and trends of feeding practices of families.

Working on nutrition is important to improve health of mothers and children in particular and the society at large, she added.

The overall development in the country over the past decade has led to the improvement of feeding practices of families, she said, adding, but still there are gaps to be bridged.

Health Minister Dr Kesetebirhan Admasu on his part said efforts being exerted to eliminate micronutrient deficiencies are bringing good results.

These efforts helped to reduce prevalence of stunting and underweight among children to 32 percent and 23 percent from the 44.4 percent and 28.7 percent, respectively in 2011, he added.

According to the Minister, these results combined with other initiatives enabled the nation minimize under five mortality a year before the deadline.

The country is working to reduce prevalence of stunning to 21 percent within the coming six years through various interventions, the Minister stated.

Ethiopia has gained good results in reducing prevalence of micronutrient deficiencies, said Chair of the Micronutrient Forum Steering Committee, Lynnette Neufeld.

The efforts and results gained in this regard enabled Ethiopia to host the five-day Forum, the first to take place in the continent.

Ethiopia has developed and implemented several nationwide programs and interventions to eliminate micronutrient deficiencies.

The development of National Nutrition Strategy and National Nutrition Program are witnesses of these efforts that are geared towards the improvement of the micronutrient status of the population.


Alecto Says Centamin Agrees Initial Commitment At Aysid Metekel


LONDON (Alliance News) – Alecto Minerals PLC Tuesday said that Centamin PLC has decided to make its initial expenditure commitment at the Aysid Metekel Gold Project as part of an ongoing joint venture between the two companies.

The gold mining company said that Centamin will now proceed to satisfy its initial expenditure commitment following the completion of initial reconnaissance at the project, which included fieldwork from two base camps and the collection of approximately 3,450 soil samples, 200 stream samples and 350 rock chip samples which have been submitted for independent assaying.

As part of the joint venture agreement Centamin is required to fund exploration costs of USD3 million over a two year period in order to maintain an initial 51% interest in two Ethiopian gold projects held by Alecto Minerals, with USD1.2 million in exploration work to go towards the Aysid-Metekel site.

Alecto also noted that Centamin has now completed 2,500 metres of drilling across 14 holes at the separate Wayu Boda Gold project in Ethiopia, representing approximately 80% of the planned initial drill programme.

All drill holes at the Wayu Boda site have hit a major shear zone and core samples have been submitted for independent assaying, while previous studies by Alecto at the site have returned notable grades of up to 47.4 grams per tonne of gold.

Alecto Minerals shares were up 1.2% to 0.860 pence on Tuesday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

Copyright 2014 Alliance News Limited. All Rights Reserved.

Alliance News



Investment Proclamation Amendment Bill Tabled


An amendment for the Ethiopian Investment Proclamation was sent to the House of Peoples’ representative s for discussion, Capital reported.

The draft proclamation indicated the Ethiopian Investment Agency will be restructured as a commission and will be managed by a board whic will be he board will behaired by the Prime Minister. 

The Commission will also have additional powers such as ratifying significant issues with the goal of promoting the manufacturing sector, especially industrial zone developments.

The document attached to the draft proclamation states the manufacturing sector requires strong management and fast decision making without the intervention of other bodies.

And in order to respond quickly also address dynamic global economy matters efficiently, the Prime Minister will chair the Investment Board.

The draft proclamation gives the Prime Minister some significant powers for which he is not obliged to involve the Council of Ministers. One of these powers is stated under Article 29 (6) of the draft document. The provision stipulates “where necessary, authorizing the granting of new or additional incentives other than what is provided for under the existing regulation”.

Another provision granting the Prime Minister with such powers is Article 29 (7) which states “where necessary and without prejudice to the provisions of Article 5 of the Proclamation, authorize the opening of investment areas for foreign investors, otherwise exclusively reserved for domestic investors”.

The draft bill bestows upon the investment board the power to oversee the administration and the supervision of industrial development zones.



EU Recommends Establishment of Arabica Coffee Researcher Institute in Ethiopia


During a workshop organized by European Union (EU) and Coffee Development Sector, the EU recommended Ethiopia to host a research institute of Coffee Arabica, according to The Reporter.

A consultant at the German based Dipl. Lng, Gunther Herhaus, made a presentation of a research that revolved around the recent poor performance of Ethiopia’s coffee sector. During his presentation, Herhaus highlighted opportunities that can see the success of Coffee Arabica. He suggests the success will come through commencing various mechanisms that will mitigate the current problems and as well by coming up with ideas of establishing a research institute.

Herhaus recommended one of the possible methods to bring back the Ethiopian specialty coffee was by establishing a research institute that helps farmers and exports maintain quality and production. He further noted, “Arguably, Ethiopia remains the most important place for Coffee Arabica and possibly the right location for a research institute as well”.

The consultant further noted, factors that impacted the coffee sector to be insufficient attention to the quality as farmers care more about quantity, inconvenient transportation, poor data collection on market assessment, and frequent amendments on regulations and poor cultivation and storage.

Germany is a major destination for coffee export. In 2010 Germany has imported 1,089,176 Tons out of which 34 percent of from Brazil. Nonetheless, Ethiopia had only 3.7 percent share from this figure.

Herhaus, on the other hand is optimist that Ethiopia is capable of making remarkable progress and share important markets after resolving issues he stated.
He said “It can reclaim the top spot when it goes through these necessary steps towards a certain goal”.



Africa Hotel Investment Forum drops Nairobi and shifts to Addis Ababa


Africa Hotel Investment Forum drops Nairobi and shifts to Addis Ababa

Image via africa-conference.com

By Prof. Dr. Wolfgang H. Thome, eTN Africa Correspondent | Jun 02, 2014

The organizers of the Africa Hotel Investment Forum have just announced that they will move the 3rd such forum from Kenya’s capital city of Nairobi to Addis Ababa, with now just 4 months to go.

“Limited space” was given as the main reason for the move, with thanks expressed to the InterContinental Hotel Nairobi, which has hosted the previous inaugural and 2nd edition of the forum, which brought last year over 400 top hotel executives to Nairobi.

Tourism sources in Nairobi are said to be absolutely stunned, and one top-ranking stakeholder, on condition of anonymity, immediately replied: “The Forum came to Nairobi last year not long after the big fire at Jomo Kenyatta International Airport and the attack on Westgate. Delegates and organizers were entirely satisfied with the security provided to all of them, and from what we learned, they were happy to return to Nairobi for a third consecutive time in 2014. My colleagues and I are trying to figure out what has now suddenly changed, but we have our suspicions, of course, following the events of the last few weeks. I personally cannot accept that space would have been a problem. For one, if the main ballroom of the InterContinental Hotel Nairobi cannot accommodate much larger numbers, the Kenyatta International Convention Centre is nearby, just [a] 5 minutes’ walk, and safe to walk even in the evening. Apart from that, there are other hotels in Nairobi with larger conference rooms, so to tell us in Kenya and the participants that this was the main factor is a bit far-fetched really. But they have decided to move the forum from Kenya to Ethiopia, and we wish them well.”

One other source admitted to being perplexed, and equally voiced suspicion that the recent British and American anti-travel advisories were to blame for this added loss of business, expressing fear that should the cancellations spread into the meeting and conference segment, it would deal a big blow to Nairobi hotel occupancies.

It was also confirmed that to perhaps entice more participants to come to Addis Ababa was the subscription of the event also reduced by US$100, valid until June 9. The meeting was rescheduled to be held from September 29 to October 1 inclusive at the Sheraton Hotel in Addis Ababa, with the organizers swift to add that Ethiopia was offering growth prospects for the hospitality sector, implying that growth in Kenya, for the time being anyway, was no longer a given.


And in a breaking news development, a statement has just been sourced from AHIF, reading as follows:



Africa Hotel Investment Forum 2014 (AHIF) moves to Addis Ababa (For immediate distribution) Bench Events, the organizer of the Africa Hotel Investment Forum (AHIF) has announced that the event will now take place at the Sheraton Hotel in Addis Ababa, the capital of Ethiopia on 29th Sept – 1st Oct. Alex Kyriakidis, President, Marriott International, Middle East & Africa, said: “I am very pleased that the next AHIF will give us the opportunity to take a closer look at Ethiopia. It has a tourism economy that is currently growing at 4.5% per annum and that the World Travel & Tourism Council expects to grow at 4.8% per annum for the whole of the next decade. That, coupled with its good air connections, make it a destination we want to explore more carefully. With AHIF here, we will have a great opportunity to meet good quality prospective local partners, which is an essential first step in making a successful hotel investment anywhere in Africa.”

AHIF was due to take place in Nairobi but a surge in interest from sponsors wanting to use the event for networking and promotion of their businesses led to concerns over physical space to accommodate increased numbers. Matthew Weihs, Managing Director, Bench Events, said: “The speed of demand from new sponsors has taken us by pleasant surprise. I’d like to thank the InterContinental in Nairobi for being instrumental in allowing us to nurture this event. However, with over 4 months left, we’ve already reached capacity and with a strong pipeline of exhibitors, we felt a move to a bigger location now would mean we’d not have to disappoint anyone and we’d also be better able to reflect the growth story of the continent.”

Bench had booked in to the largest five star hotel in Nairobi but looking at the physical layout, it could just not see how to fit in all the exhibition stands and all the people saying they want to come.” Last year’s conference attracted four hundred delegates and 27 corporate sponsors. Already, a similar number of sponsors has signed up and there is a pipeline of others, all expressing strong interest.”

The decision was further influenced by arguments from Ethiopian Airlines about its extensive route network in Africa, a highly competitive offer from the Sheraton Hotel in Addis Ababa and feedback from delegates requesting the event to keep changing destinations to enable them to capture a double benefit when attending AHIF of networking and widening their knowledge of Africa.

In announcing the decision to switch venues, Bench Events reiterated its appreciation to the government of Kenya, which has been a host sponsor for the last two years, and said that it would be assisting Kenya’s Tourism Finance Corporation, previously known as the Kenya Tourist Development Corporation (KTDC), to hold hotel investment briefings in London and Dubai in the near future. Jonathan Worsley, Chairman, commented: “From our experience in Nairobi, I can say with real conviction that Kenya understands the importance of the tourism industry and it gets hospitality. It will be useful to the whole industry for investors to see how other countries measure up.”

Matthew Weihs concluded: “Kenya has been very good to us for the past two years but this development shows just how fast the market is moving. Relocating to the Sheraton in Addis means AHIF can reach its full potential.”

For more information about AHIF, please go to www.africa-conference.com

Tourism stakeholders in Nairobi, upon seeing the statement, dismissed it as not holding any water as Kenya Airways has a similar network across Africa and was perfectly adequate to serve delegates for the past two editions, while it could also be ascertained that the hotel rates of the InterContinental Hotel Nairobi were not much different from those now put in place by the hotel in Addis Ababa. “They should just own up and tell the truth why they are moving this conference from Nairobi to Addis and not resort to tell us reasons which are just see through. But that said, we know what is going on, and we have to live with this and wish them well. If ever they want to come back to Kenya, we will still welcome them back with open arms despite what is happening now.”

Hard words but truth to be told, this is what it seems to be, an organizer doing a runner from a country which got all the ingredients to host this conference and has excelled in hosting the last two events. A country which has, in fact, a number of new hotel projects underway which were announced in recent weeks in spite of the anti-travel advisories by unfriendly countries in the west which clearly have their own agenda they are playing with.

And one parting shot was just received from another Nairobi-based source who was ready to attend the conference but has vowed not to travel to Addis: “If relocating the conference to Addis helps AHIF to reach its full potential, what has changed between yesterday and today? What has changed from making all the arrangements for Nairobi and only now, a few months prior, to shift the venue in a hurry? There is more to it than meets the eye, and you know exactly what I am talking about.”



Moving Women Out Of Poverty In Ethiopia


Author:  Masha Hamilton, VP for Communications, Concern Worldwide U.S.


Concern Worldwide offered the seed money for a 20-member women’s micro-lending support group. The women were given one-year loans of $100 each in 2013, and one year to pay them back with no interest.
Any views expressed in this article are those of the author and not of Thomson Reuters Foundation.
HOMA, Ethiopia—Misrach Salgado, 28, had one toddler and was pregnant with her second child when something happened that would send a shudder through her tiny village of Homa and change her own life forever.

Her husband helped a friend abduct a young woman who the friend wanted to marry. As soon as the woman was brought into the friend’s home, she hung herself.  Stunned, and hoping to hide what had happened, the men threw the woman’s body over a cliff near the village.

But herders found the body, uncovering the crime. The 270 households of Homa, some 235 miles southwest of Addis Adaba, the capital city, were horrified. Salgado’s husband, along with his friend and one other who had helped, was sentenced to life in prison.

Talking about it today, nine years later, Misrach’s face hardens and her eyes stare into the distance. She recounts the hardships that followed, including isolation in the village and hungry nights as she struggled to find a way forward. Eventually, she began to buy butter in the local market and travel to a larger nearby town to resell it, keeping whatever profit she could for herself. But she couldn’t afford to buy much more than about four to five kilograms of butter a week, so she only made a profit of between $2.50 and $3.50 weekly.

“To afford food for myself and my children was difficult,” she said, sitting on a wooden bench outside her small, round hut. “We were going hungry many, many nights.”

Her often desperate situation continued until just last year, when Concern Worldwide, the 45-year-old non-governmental-agency for which I work, stepped in.

Our organization, which is skilled at helping the world’s poorest people move sustainably out of poverty, reached into Homa to help Misrach and other strong, determined women like her help themselves.

Concern Worldwide offered the seed money for a 20-member women’s micro-lending support group. The women were given one-year loans of $100 each in 2013, and one year to pay them back with no interest. They were asked to invest in businesses, meet bi-monthly as a group, and contribute dues toward future loans. It is their determination that has made the project work.

With her purchase power boosted, Misrach began buying 100 kilograms of butter a week, and now makes upwards of $10 a week. This year, having paid back the first loan, she took out a second for $150 and bought a cow as an investment and to help supply her family with milk. She can feed her family and even began providing her husband in prison with some small food items. And the women selected her to be the treasurer of their group, demonstrating their confidence in her and her rising status in the village.

“I used to feel I was worried all the time. Now I feel I am safe,” she says. “My children’s lives will be better than mine.”

Ethiopia has one of the strongest performing economies in sub-Saharan Africa. Still, about 29 percent of the population currently lives below the poverty line, and it ranks 173 out of 187 countries on the United Nation’s Human Development Index.

Women disproportionately bear the burden of the country’s economic struggles, according to the UN’s Womenwatch. This is “mainly a result of the gender based division of labor and lack of access and control over resources prescribed not only by tradition and culture, but also reiterated in the law,” it notes. For rural women, access to land and livestock is virtually impossible. Poverty also means more infant deaths, undernourished children, and lack of education. Observers have routinely noted how hard Ethiopians must work physically in an effort to keep their families afloat.

Thirty-year-old Dakutye Darcho is a perfect example of this. When we ask her how she used her microloan she said she was eager to explain but can’t stop work.

So we meet in the hut that used to be her home and is now her “bakery.” She is barefoot and wears torn clothes. While we talk, she makes round after round of injera, a sourdough flatbread with a spongy texture that is a national food here. The work requires her to rotate her arm in a circular motion over a pan as she stands above a fire that she keeps going by constantly fueling with dried grass.

Before her first $100 loan, Dakutye and her husband served as middlemen for locally grown crops, especially maize and sweet potatoes, traveling to nearby villages to sell them in markets. When the loan came through, she began building a second home so the first could become her workplace. She, too, took out a second loan after paying back the first. She and her husband still sell the crops in nearby markets, but her family’s financial mainstay has become her injera bakery business.

“I can provide more nutritious foods and better clothes for my kids, and now I can buy their school supplies,” says the mother of five children who range in age from 6 to 21. “Thanks to God, I really really feel they are better off now.”

Her personal dreams have become larger too: once she completes their new home, she hopes to build another that she can rent out.

“I’m working all the time,” she acknowledges with a smile in response to a question. “But I don’t feel tired. I feel I am a strong woman now.”



Ethiopia: World Bank Approved cash to Develop Potential Geothermal Sites



Photo:  In 2013, Ethiopia has entered into a deal worth $4 Billion with American-Icelandic Company, Reykjavik Geothermal, for the development of a 1000-megawatt geothermal farm.

Ethiopia has a huge wealth of renewable energy including a potential 45,000 MW from Hydro Power, 10,000 MW from geothermal energy in Oromia, Afar and Somali regional states.

The Ethiopian heavy investment in renewable energy including wind, solar and hydropower is part of its climate resilient green economy strateg

Ethiopian Electric Power Corporation CEO, Miret Debebe, said the geothermal project would also boost “trade with neighbouring countries.”
The World Bank’s board of directors, based in Washington DC, US, has approved two hundred million dollars of credit for the Ethiopian government to develop its potential geothermal sites at Aluto and Alalobad, in the rift valley of Afar Regional State, on Thursday, May 29, 2014.

The loan will be financed by the International Development Association (IDA) and Scaling-up Renewable Energy Program (SREP) of the World Bank trust fund.

“In addition to providing energy security, the project will support Ethiopia’s efforts to build a climate change resilient green economy, by developing renewable energy sources with low carbon emissions,” said Guang Zhe Chen, the World Bank country director for Ethiopia.

The finance, which will be employed to support the Geothermal Sector Development Project of the country, is envisioned to help fulfill the increasing demand for electricity by tapping into the substantial geothermal energy potentials, according to the press release of the Bank.

U.S.-Africa Energy: The U.S. Secretary of Energy, Dr Ernest Moniz, will lead a high-level U.S. official delegation to the forthcoming U.S.-Africa Energy Ministerial meeting from June 3 to June 4 in Ethiopia.
The Africa Regional Media Hub of the U.S. Department of States said in a press statement in Lagos that the delegation would meet with northern and sub-Saharan African energy ministers.
The listed U.S. officials on the delegation to include Dr Rajiv Shah, Administrator of the U.S. Agency for International Development, and Mr Fred Hochberg, Chairman of the Export-Import Bank.

`The Ministerial will also bring together representatives from government, private sector, and academic communities to discuss best practices and technologies for sustainable energy development in Africa.



US-Africa Energy Ministerial Conference opens


Addis Ababa, 2 June 2014 (WIC) – The US-Africa Energy Ministerial Conference opens today (June 3) in Addis Ababa.

The Conference, jointly hosted by the Ethiopian Government and the US Administration, is focusing on the theme of “Catalyzing Sustainable Energy Growth in Africa” and will provide a forum for commitment to support energy development throughout Africa.

The meeting is bringing together ministers from sub-Sahara and North African countries, as well as senior U.S. government officials, multilateral development partners, regional and sub-regional African energy organizations, academia, civil society, and U.S. and African private sector leaders.

It is providing opportunities for government-to-government, government-to-industry, and company-to-company informational exchanges, and networking on a variety of topics including clean energy technologies, increased power generation, rural electrification, regional integration, oil and gas development, policies and regulatory issues, investment opportunities, and financing.

The meeting will provide a showcase for energy development and explore strategies, detailing effective practices across Africa and the United States for accelerating the development of clean energy sources and the adoption of energy efficient technologies as well as reviewing best practices in oil and gas resource development, and highlighting progress on the President Obama’s Power Africa Initiative.

According to Ministry of Water, Irrigation and Energy the two day conference will dwell on making Africa’s energy supply reliable. The conference will be attended by Energy Ministers from around Africa and US officials, and representatives of US financial institutions and energy companies. Discussions will focus on improving Africa’s energy development capacity, networking African countries in energy export and sale, making Africa’s political and legal framework conducive and on financial alternatives for energy development along with investment on energy.

The African Energy Ministerial will also include panel presentations, high-level plenary sessions, break-out discussions, and a minister-level meeting as well as featuring a U.S.-Africa Energy Expo Center where U.S. and African companies can highlight technologies and business solutions.



Fertilizer plant inaugurated


A fertilizer blending plant built at a cost of 31 Million Birr was inaugurated on Sunday. The plant is located in the Oromia State Tulu Bulo town, Ethiopia.

The plant will make available to farmers an expanded range of soil nutrients. The products will be customized based on the specific soil types, crops and agro-ecologies, according to Ethiopian News Agency.

The plant, which has a capacity of producing 15,000 Quintals of blended fertilizers per day, will be run by the Becho Woliso Farmers’ Cooperative Union.

According to Dereje Hirpa, Head of the Union, the plant will start blended fertilizer production in the coming year.

During the inaugural ceremony Mtiku Kasa, State Minister for Agriculture, said the plant is intended to supply farmers with blended fertilizers that has different nutrients. He added the government is working with stakeholders to construct three additional plants in three different states.

A national fertilizer blending program by the Ministry of Agriculture and the Agricultural Transformation Agency was launched in 2013. The program aimed at introducing new high-yield blended fertilizers and to create Ethiopia’s first in-country blended fertilizer production facilities.

The program aims at constructing four fertilizer blending facilities in four different states, Amhara, South Nations Nationalities and Peoples, Oromia and Tigray. A compined 250,000 Tons of blended fertilizers production is expect when all four plants commence production.

According to the program the plants are going to be run by farmers’ cooperative unions. This includes Enderta in Tigray, Merkeb in Amhara, Becho Woliso in Oromia, and Melek Site in SNNPR.

Ever since fertilizer was introduced in Ethiopia, the nation’s fertilizer usage has been limited to Diammonium Phosphate (DAP) and Urea. Nonetheless, a research has revealed Ethiopian soils lack various compounds that could not be found in the two types of fertilizers.



Nation Earns 90 million USD from Export of Agricultural Products


Gondar June 02/2014
Ninety million USD was secured from agricultural products exported through Metema during the first nine months of the current budget year, the Gondar branch office of the import and export goods quality control said.
Nation Earns 90 mln USD from Export of Agricultural Products
The products were exported to Sudan, China, Turkey and Israel, according to head of the office, Bzuayehu Demis.

Of the total 62,000 agricultural outputs exported during the specific period, sesame contributes 53.2 percent, while fava beans and white chick peas contribute 30.6 percent and 5.8 percent respectively.

The amount of agricultural products exported during the reported period has doubled compared to the previous year same time.

He attributed the success for the extensive activities undertaken by stakeholders to realize the growth and transformation plan by increase amount of agricultural activities the country is exporting.


Ministry Working to Enable Companies Export Value Added Minerals


Ministry Working to Enable Companies Export Value Added Minerals

 Efforts are being exerted to improve capability of companies that supply value added ornamental minerals to local and foreign market, the Ministry of Mines said.

The State Minister Tewodros Gebre’egzabher told ENA that activities have started to increase number of companies that produce ornaments and improve their capacity.

Companies that are exporting valued added minerals are few in number, he added, amount of value added minerals the country exports is also small. The country is adding value to only 20 percent of the total mineral products.

The Ministry is working to increase variety of value added minerals during the coming year, he said. It has decided that rough opal export should be stopped in the coming year, the last year of the first growth and transformation plan period.

Activities are being undertaken to improve capability of exporting companies by helping them import the necessary technologies which enables them add values to rough minerals, he said.


Enterprise to Construct Five Airports


The Ethiopian Airports Enterprise announced that it has completed preparation to construct five new airports in various parts of the country.

The airports are going to be built in Semera, Robe, Shire Endasilase, as well as Hawassa and Jinka towns in Afar, Oromia, Tigray and South Ethiopia Peoples states respectively, said Wendm Teklu public relation and communication head with the Enterprise.

The construction of these airports will enable to realize the goal set in the growth and transformation plan to raise number of airports to 21.

In addition to constructing new airports, the Enterprise is also undertaking upgrading in existing airports to improve their capacity, Wendm said.

Expansion has carried out on six airports over the past years with an outlay of 205 billion Birr.

The expansion works were carried out in Jijjiga, Jima Aba Jifar, Assosa, Semera, Bahir Dar and Mekele airports.

The expansion includes construction of passengers’ terminals, taxiways and cold warehouses.


Ethiopian Launches Direct Flight to Vienna


Ethiopian Launches Direct Flight to Vienna

Ethiopian has started direct flight to Vienna, the capital city of Austria, and its 82nd international destination.

Speaking at a ceremony organized in connection with the opening of the new route, Ethiopian Chief Operating Officer, Mesfin Tasew said the airline began flying to Vienna as it is a diplomatic seat of various nations and United Nations offices. In addition, it is named a heritages city by UNESCO and has huge flow of tourists, he added.

First Secretary and Deputy Head of Mission of Austria’s Embassy in Ethiopia, Lydia Ladurner, said on her part the direct flight will strengthen the socio-economic ties of the two countries.

Lydia noted that as Ethiopia and Austria are countries of huge tourist attraction and where diverse activities are undertaken, the air route would strengthen the people to people relations of the two countries.

The flight to Vienna has increased the destination cities of the airline to Europe to 9, it was indicated.

Above items sourced here:


Prime Minister Hailemariam Says Turkey Contributes to Ethiopia’s Development Narrative


Prime Minister Hailemariam on Friday (May 30) opened the Ethiopia-Turkey Trade and Investment Forum in Addis Ababa. Welcoming a Turkish business delegation of 86 people representing 63 companies, he said the Government of Ethiopia strongly supported concrete initiatives for unimpeded trade and investment to achieve mutual benefit and win-win progress. He emphasized that the developmental state’s right mix of policies and strategies had placed Ethiopia on the roads to renaissance, rejuvenation and prosperity. He noted Ethiopia was committed to create an enabling business and investment climate to fast-track the momentum and resilience of its economic development. Its engagement with the Confederation of Businessmen and Industrialists of Turkey (TUSCON), he said, was an “edifying experience” allowing it to much experience from the development of Turkey.

He said Turkish companies had become major contributors to Ethiopia’s remarkable economic growth and its development narrative, adding that TUSCON’s c engagement with Ethiopia, the established market networks of Turkish companies and their immense experience in manufacturing and other priority areas would pave the way for collective rejuvenation and development of Ethiopia and Turkey. The Prime Minister also welcomed the establishment of Turkish educational institutes in Ethiopia and appreciated Turkey’s commitment to join hands with the Government of Ethiopia to improve and raise the quality of education. He said Ethiopia greatly valued the importance of quality education and considered it as a necessary and solid foundation to Ethiopia’s sustainable development. Mr. Rizanur Merel, President of TUSCON, described Ethiopia as “a shining star of Africa” and a state committed to maintain the momentum of economic development with large scale investment and business potential for international investors. He emphasized that TUSCON was ready to share successful experiences in the fields of manufacturing, agriculture, construction, and energy.

He suggested that both sides should advance and reinforce efforts to encourage people-to-people relations and cultural exchanges to enhance mutual understanding and expand further cooperation. Solomon Afework, President of the Ethiopian Chamber of Commerce and Sectoral Association (ECCSA), gave details of the continued growth in trade and investment relations, and noted that the total trade turnover between the two countries had reached over US$550 million last year, up from US$110 million in 2004. He said Turkey had become one of the five leading sources of investment in Ethiopia, and he called on both sides to strengthen existing ties and diversify and enhance economic cooperation. Aklilu Wolde-Mariam, Director of Information at the Ethiopian Investment Agency, explained that Ethiopia was now a champion of political and macro-economic stability, endowed with ample investment opportunities, incentives, services and transparent legal frameworks to protect investors from expropriation or nationalization. At the close of the forum, the Ethiopian Chamber of Commerce and Sectoral Association and the Confederation of Businessmen and Industrialists of Turkey signed a Memorandum of Understanding on ways to expand further economic and investment cooperation between the two business communities. The Forum was also attended by senior government officials and representatives of the Ethiopian and Turkish business communities here in Ethiopia.



PM – Ethiopian Aptness Improving to Foreign Investment


Ethiopia’s suitability to foreign investment is improving, said Prime Minister Hailemariam Desalegn.

The premier opening theEthio-Turkey Trade and Investment Forum in Addis Ababa on 30 May 2014 indicated that the foreign investment is increasing in Ethiopia which testifies the country’ suitability to attract foreign investors.

From Turkish manufacturing sector, 70 investors discussed with Ethiopian government high officials on 30 May 2014 in Addis Ababa at the Prime Minister’s Office concerning investment opportunities in this country.

Hailemariam indicated that Turkish investors participating in Ethiopia are contributing to its development.

Though India and China investment projects are larger in number in Ethiopia, Turkish are superior in Capital amounting to more than 7 billion USD, he said.

In addition, trade exchange between Ethiopia and Turkey has grown to 550 m USD now where it was 110m USD 10 years ago.

Though the trade exchange between the two countries is encouraging, it needs more growth, the premier said.

Turkish Confederation of Businessmen and Industrialists president, Rızanur Meral told the participants that it is not rules and regulations which facilitate investment, but implementation.

In addition to incentives to investment, wide opportunities in export trade makes Ethiopia preferable, said Ethiopian Chamber of Commerce and Sectoral Association president, Solomon Afework.



Sufian Ahmed Likely Candidate for AfDB Presidency


Sufian Ahmed, Ethiopia’s long serving Minister of Finance and Economic Development (MoFED), was among the six likely candidates whose names surfaced during the recently concluded annual summit of the African Development Bank (AfDB) as a potential candidate to run for the presidency of the African Development Bank (AfDB) group.

Donald Kaberuka, the current President of the Bank, will be leaving his post of the last ten years by the end of this year. The other candidates expected to run for the top job include: Birma Boubacar Sidibe, Vice President of the Islamic Development Bank (IDB), Samura Kamara, Sierra Leoone’s Minister of Foreign Affairs, Jalloul Ayed, Tunisia’s former Minister of Finance, Kordje Bedoumra, Chad’s Minister of Finance, and Akinwumi Adesina, Nigeria’s Minister of Agriculture and Rural Development.

Big shoes to fill

Donald Kaberuka is a Glasgow educated economist who was the Minister of Finance and Economic Planning for eight years from 1997 to 2005 in his native Rwanda and is globally credited for stabilizing the Rwandan economy in post 1994 genocide that deprived his country of its finest academicians, as well as its ordinary citizens.

In July 2005 Donald Kaberuka was elected president of AfDB and took office the next September. Under his leadership the pan-African institution, which will celebrate its 50th year Golden jubilee come November, was in 2013, rated “Aaa/Prime-1, with a stable outlook,” by Moody’s, which further said, “The Bank’s ratings reflect a combination of its intrinsic financial strength, prudent financial management and policies and very strong shareholder support.”

This is despite the bank operating from exile starting from two years prior to the coming of Donald Kaberuka as its president. AfDB moved its headquarters to Tunis, Tunisia, in 2003 following the civil war in Cote d’Ivoire, where it was housed since it was first established. In 2012 Donald Kaberuka announced the first group of staff will begin returning to Abidjan, Ivory Coast’s second-largest city, by the end of the year. “The AfDB will celebrate its 50th anniversary in November 2014 in Abidjan,” Kaberuka said in a statement.

Donald Kaberuka hosted the Bank’s annual summit, his last, in his country Rwanda in the third week of May this year and reassured the Ivorian government when he told his audience, “there is no doubt in my mind, and yours, that the safe return to Abidjan is the most important undertaking for us in the next year.”


In his position for more than 20 years, Sufian Ahmed is known to many as a ‘veteran’ who supervised his country’s finance through thick and thin. He is also credited for brining a galloping inflation that had picked a high of more than 50% in the aftermath of the 2005 disputed election to its current single digit. He is also the man who has helped Ethiopia achieve the double digit economic growth that put the country as one of the top five non-oil producing fast growing economies in the continent.

However, Sufian is known to many as a non-socializing individual and lacking in his grip of continent-wide dynamics of socio-political affairs. His lack of other languages widely used in the continent, particularly French, one of the working languages of the bank, is also considered a big minus for his candidacy if he decided to put through his name when the nomination for the post will be formally tendered this July. Sufian holds bachelor’s degree in economics and master’s degree in economic development and planning from the country’s grand university, the Addis Ababa University (AAU).

Along with the European Bank for Reconstruction and Development (EBRD), the Inter-American Development Bank (IAfDB), the Asian Development Bank (AsDB), and the World Bank (WB) AfDB brings the number of multinational development banks in the world to five.





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