Israel Chemicals to build three fertilizer factories in Ethiopia
I’m especially fond of this part…
According to Avramovitz, in addition to potash ICL is conducting investigatons on additional products that could be mined in the Danakil mine. “These investigations are in an early stage.”
While I assume Avramovitz must have been thinking…
“And given the hilariously low price we paid for the project, not only did we cheaply eliminate cumbersome Allana Potash corporate and shareholder overhang, but the capital saved can be applied to help us expedite our expansion of product lines in this regard. First and foremost SOP, which represents the highest margin and vast majority of value of the project, and which we got for nothing, but also magnesium (along with the Argentina property). And the best thing of all is Ethiopians will work for very few shekels!”
In a written response to The Reporter, Amir Avramovitz, director of corporate communications and public affairs, said that ICL is in advanced discussions with the Ethiopian government about the construction of three or more fertilizer blending plants in the country to produce world class mixed nutrient fertilizers. Avramovitz said that acquisition of Allana will enable ICL to accelerate the development of Allana’s concession to mine potash in Ethiopia.
Last week ICL agreed to buy the 84 percent outstanding shares of Allana Potash, owner of the Danakil potash mine. Last year ICL bought 16 percent shares on Allana for USD 25 million and last week concluded a deal to acquire the remaining shares valued at around 150 million Canadian dollars. The deal is subject to shareholders’ approval.
“Acquiring ownership of Allana will enable ICL to control the development of the Danakil project, accelerate pre-construction engineering design work, as well as secure project financing and reduce the company’s risks associated with the project. ICL also believes that owning all of Allana will better enable it to fully leverage its decades of expertise worldwide in potash extraction, production and marketing activities to bring the Dallol project to fruition. Acquiring Allana will further contribute to ICL’s commitment to the project, thereby increasing the potential of its successful development,” Avramovitz said.
ICL believes that the Ethiopian government is fully supportive of developing the country’s potash resources in order to unlock the potential of agriculture in Ethiopia, increase productivity and improve balanced fertilization, especially among Ethiopia’s smallholder farmers. According to ICL, the Ethiopian government has indicated its interest in supporting ICL’s efforts through the development of the required infrastructure and provision of natural resources that will be required to develop the large-scale mining project at Dallol.
ICL is investing in the Ethiopian fertilizer market development. According to Avramovitz, the company has invested approximately USD 400,000 since early 2014 into farmers’ education in project called “Potash For Growth”. ICL is closely working with the Ethiopian Agricultural Transformation Agency (ATA) on the farmer’s education project. Avramovitz said the investment on farmers’ education will continue in 2015 and 2016.
This will be followed by additional agronomic work to enable farmers make optimal use of the new blends, according to site and crop-specific needs.
According to Avramovitz, in addition to potash ICL is conducting investigatons on additional products that could be mined in the Danakil mine. “These investigations are in an early stage.”
ICL has already started to invest in the detailed engineering of the project itself and expects to make a final project investment decision at its board of directors before the end of the year. First sales of potash are expected within three years.
ICL is expected to invest more than one billion dollars in the potash mine and fertilizer blending plants.
The mine and the plants will create hundreds of direct jobs and thousands of jobs in the form of contractors and suppliers. According to Avramovitz, over 90 percent of these employees will be Ethiopian citizens that will be recruited in the local market. ICL plans to have a massive training and education program that will enable it to create a world-class workforce.
Allana’s potash mine in the Afar Regional State, in the Dallol depression, an area of covers 300 sq. km. More than 200 sq. km of the area is underlain with potash material. The potash mineral deposit is estimated at 3.2 billion tonnes of potash deposit in the ground. The mine is valued at 1.2 billion dollars with a mine life of 25 years.
Ethiopia annually imports more than 1.2 million metric tons of fertilizers at the cost of more than 300 million dollars. If the Danakil potash mine project comes to fruition, Ethiopia could save a significant amount of foreign currency from the import substitute and generate hundreds of millions of dollars from potash export.
Addis Ababa to host international mining conference
The mining conference and exhibition is organized by a UK-based conference and exhibition organizer, AME Trade Ltd in collaboration with the Ministry of Mines. In a statement sent to The Reporter AME Trade said Ethiopian International Mining Conference (EIMC) will showcase and explore developments in Ethiopia’s thriving mining sector and focus attention on potential opportunities, lessons learned by key investors and creation of new business partnerships.
The company said the conference is an optimal platform for companies who currently work in Ethiopia to further demonstrate their commitment to the country growing mining sector while giving potential investors unparallel access to need to know business information about Ethiopia’s mining industry. International and local mining companies, exploration mining equipment and machineries manufacturers, geological laboratories and other stakeholders will participate at the two-day conference and exhibition.
AME Trade said mining exhibitors will have the opportunity to demonstrate and market their products and services directly to key decision markets in Ethiopia’s mining industry from both the public and private sectors.
The Ministry of Mines endorsed the mining conference. “As a government, we are committed to continue to strengthen our economic growth and create an excellent environment for investment. EIMC will provide all participants with the perfect platform to discuss and explore opportunities and developments in the mining sector of our country. I therefore endorse and confirm support for the event and I will be looking forward to welcoming you to experience the warm welcome and hospitality of our country,” Tolossa Shagi, Minister of Mines said.
Ethiopia is one of Africa’s fastest growing economies and is considered as one of the major upcoming mining investment destinations by industry observers. The mining sector is expected to be an economic catalyst for the country ’s development strategy and contribute at least 10 percent of GDP within ten years. The country is blessed with significant undeveloped deposits of mineral resources including gold, potash, tantalum, platinum and other industrial and chemical minerals. The sector has gone under strategic transformation in order to boost private sector investments.
The ‘developmental army’ of Ethiopians recruited by the government has created real momentum, with the economy growing at a double-digit pace each year for nearly a decade. But many people are still struggling, and regular citizens complain about the lack of freedom and top-down initiatives.From his hilly vantage point outside the major city of Adama, Lema Mangesha can look in any direction and watch his country developing.
Local agricultural officials have lied about reports
Over the past 10 years, the 42-year-old farmer has seen new electrical lines strung up over his land.
He has witnessed the construction of three nearby factories: one for metal, one for cement and one for tyres.
His northern horizon is dominated by a wind farm erected about two years ago.
But while some of his neighbours have got jobs at the new factories, Lema still cultivates teff, barley and wheat.
Despite the power lines that criss-cross his fields, his home is not connected to the national grid. “Development has brought changes,” he says. “That doesn’t mean it’s enough.”
With official annual economic growth rates averaging about 10% during the past decade, Ethiopia is pooling every available resource to invest in roads, railways and industrial zones.
It boasts Africa’s largest airline, is working on Africa’s biggest dam and is about to complete its first urban light rail system in Addis Ababa.
Expansion as encroachment
Ethiopia is an overwhelmingly rural country, and Lema is among the 80% of Ethiopians who live outside of urban areas.
The slow creep of development has hemmed him in on all sides, and the two hectares he works will not be enough to split between his three children. “When a person has a family, he has to expand his property. There’s no way for us to do that,” Lema complains.
In Africa’s second-most populous country, the government’s ambitions go far beyond gross domestic product (GDP) growth. Broad-based development is at the heart of its plans.
Officials also talk of reclaiming Ethiopia’s status as one of the world’s most advanced civilizations, a legacy that goes back to the Axumite empire and continues into modern times, when Ethiopia was the only African country to repel European colonial armies.
Today, the ruling party pursues modernisation with a relentless drive and authoritarian tools. But the results of its efforts are clear.
Growth has been relatively inclusive, and Ethiopia has achieved its Millennium Development Goals of halving poverty and reducing child mortality by two-thirds.
There are also mega-projects: capital-intensive ventures that aim to meet the infrastructure needs as fast as possible, even if it means going into debt.
“There is this conviction among outsiders that Ethiopia is poor and cannot fund such huge projects,” says state finance minister Abraham Tekeste.
“The figures we have for the last three years show that Ethiopia is still poor and the majority of people are still struggling, but still they can really save and postpone consumption for a very good cause.”
When it comes to electricity, for instance, he says just over 50% of households have access.
But Ethiopia’s generation capacity of 2,300MW will get a huge boost when the Grand Renaissance Dam – financed by citizens’ bond buying, electricity sales and local borrowing – comes online in a few years to add another 6,000MW to the grid.
In a bid to emulate the ‘Asian tigers’ that dominate global manufacturing, Ethiopia is constructing several industrial zones to attract foreign corporations.
“Manufacturing is top of the agenda as far as the government is concerned,” says state industry minister Mebrahtu Meles, pointing out that the resulting exports will bring a much-needed boost to Ethiopia’s foreign-currency reserves.
In this and other sectors, he adds, it is up to the government to lead the way until the private sector is capable of taking over: “Today, unfortunately, so-called demand and supply, or the invisible hand if you like, does not work. Ethiopia is emerging. It’s a new, infant economy, so we have to make sure that gaps will not be there.”
When it comes to agriculture, the government’s programmes include a call centre where farmers can get advice.
The ruling party also knows the value of social ties. It uses favoured farmers like Gadisa Gobena, 65, as exemplars.
On the 400ha under his control out- side the central town of Ambo, Gadisa grows certified hybrid seeds for sale.
“Only about 20% of farmers here are using certified seed,” he says. “We are very behind.” Gadisa also supports a government programme called five- to-one, where farmers form quintets to assist and monitor each other. It helps them adopt best practices, he says.
“With five men in one group, even a man who doesn’t use certified seed is forced to.”
The five-to-one programme is in line with the government’s concept of a ‘developmental army’, whereby citizens are recruited to implement government policies.
For Adama resident Lema and many others like him, the project has been beneficial. But the groupings also serve another purpose: “The five-to-one leader forwards party information to us. We don’t debate it because it comes from a higher level,” he explains.
Ethiopia’s ability to mobilise its citizens it what sets the country apart, says Tewodros Hagos, head of politics for the Tigrayan People’s Liberation Front (TPLF).
“Ethiopia doesn’t have much money. We cannot do soil and water conservation programmes without voluntary
participation of the peasant,” he says, referring to projects done in Tigray using ‘developmental army’ principles. “Ultimately, people know they will benefit.”
The TPLF is the ruling party in the northern region of Tigray.
Outside the organisation’s headquarters in Mekelle, loud music memorialises fighters who helped overthrow the Derg military administration in 1991.
Key figures like late Prime Minister Meles Zenawi and influential deputy premier Debretsion Gebremichael were among the masterminds of that revolutionary struggle.
Today, Tigrayans are often accused of dominating Ethiopian politics – something Tewodros dismisses as “propaganda”.
The ruling coalition, the Ethiopian People’s Revolutionary Democratic Front (EPRDF), is a multi-ethnic grouping of four parties representing each of the county’s main regions.
Ethiopia’s foreign minister Tedros Adhanom describes a “change of mind- set” in government just as he was becoming the state minister of health in 2004.
Officials decided not to let limited resources thwart their ambitions, he says. Instead, they would set high goals and then work with international partners to find funding along the way.
It was “really thinking big, believing that you can do things differently,” he says. “That kind of mentality was really the paradigm shift.”
But critics say that the EPRDF’s single-mindedness leaves no room for debate.
The country’s outer edges are home to many semi-pastoralist communities.
Their lifestyles are endangered by mega-projects like sugar plantations in north-eastern Afar and irrigation schemes in the southern Omo, both of which require resettlement into villages for what the government assumes will be a more productive way of life.
“Eventually, the lifestyle is going to change,” says the TPLF’s Tewodros of pastoralism, adding that any relocation is voluntary.
“They have their resources. Is it not good to encourage them to use their resources instead of others coming and using it? Is that a crime?”
Long-simmering conflicts in other regions – like the Ogaden, populated mostly by ethnic Somalis, and Gambela, where Nuers and Anuaks jostle for dominance – make these outer reaches even more difficult for Addis to control.
Human rights concerns are not limited to the peripheries.
In Africa, Ethiopia is second only to Eritrea in the number of journalists imprisoned.
The 2005 elections delivered disputed gains to an opposition coalition and resulted in a fatal crackdown on demonstrators.
Today, Girma Seifu of the opposition party Unity for Democracy and Justice (UDJ), the lone opposition member in a parliament of 547, says the government is not remotely serious about allowing a multi-party democracy or even permitting EPRDF coalition members to deviate from the script.
“This is a unitary country,” he says. “And these people are very inefficient, even though they have been around for 24 years. They are still learning by doing, and they are unable to produce human capital. You see the same faces from 24 years ago.”
A national vote is approaching in May. Girma says he will not run again because the election board has dismantled the UDJ by recognising a fringe member as its leader and police have barred the doors to the party’s main office.
With the government all but certain to retain power for at least the next five years, officials say that they recognise the importance of protecting their founding ideals.
Corruption is an oft-cited threat to the EPRDF’s efficacy, but Tewodros says all of the regional parties combat this through constant self-evaluation.
There is also a problem of credibility. In its zeal for meeting production targets, officials have been known to exaggerate reports of progress.
This leads to inconsistencies: agricultural productivity claims that raise eyebrows, resettlement schemes that fail to deliver on services promised and factories that are commissioned despite technical problems.
Economic figures are also suspect, and the International Monetary Fund has disagreed with Ethiopia’s GDP growth figures for years.
Pressure to meet targets
Hailemichael Gebreselassie, a 30-year-old TPLF member employed by the Commercial Bank of Ethiopia, says these failures are the not the fault of the party but of lower-level officials who feel pressure to meet targets.
“Local agricultural officials have lied about reports,” he says while sipping coffee at a pavement cafe in Mekelle.
“Last year, they were given a budget to dig wells for irrigation. They reported to their superiors that they had already finished, but they hadn’t done it.”
He has also seen first hand how projects like the Grand Renaissance Dam have sapped credit for private enterprises at his local branch of the state-owned bank and how budgeted funds are sometimes siphoned off to pay for personal expenses.
“That doesn’t mean you give up on the party,” he adds. “We should discuss these things to make it better.”
The government’s plans and mega-projects will continue to encroach the livelihoods of people like Lema, who knows his small farm in Adama is becoming increasingly inadequate as the years go by.
But he says he is thankful for plenty of things that have appeared over the past decade: new wells for clean water, a health centre nearby and schools for his children to attend.
Those children are already taking work on larger farms and in the city.
“People who are deep party members know more about what is being done,” he says of the government’s developmental ambitions.
“From my perspective, from the outside, all I know is that this place looks better than it did before.”
EU businesses call for more reforms in the bureaucracy
– Ask for minimum capital requirements of USD 150,000 et al to be nullified
During the third annual forum held on Wednesday at Hilton Addis Ababa, the EU-based businesses have echoed the reforms they wanted to see the government make so that this would improve the business climate in Ethiopia.
Among the reforms are tax administration, customs, business licensing and administrative burdens. According to Ambassador Chantal Hebbercht, head of the EU delegation in Ethiopia, a study document – roadmap – with details of recommendations and suggestions for reforms have been handed over to Fistum Arega, commissioner general of the Ethiopian Investment Commission (EIC). Through her technical expert, Ambassador Hebbercht described how studies were conducted to arrive at the conclusion that the government should be made aware of the concerns of European businesses.
Out of the 300 businesses, some 80 were approached to point out the basic impediments they were faced with while operating in Ethiopia. According to the Ambassador’s assistant, some ten major impediments were discovered to be most challenging. Out of those, again five demanded immediate attention from the government. Availability of foreign exchange, tax administration, customs, licensing and administrative burden – mostly bureaucratic red tape – were the major impediments. That said foreign exchange issue was left out as it requires policy interventions from the government.
Following those impediments, international experts, who have been behind conducting the survey, suggested that obtaining investment license should not force investors to deposit minimum capital at the central bank. Accordingly, foreign investors are required to deposit some 150 thousand dollars to obtain licenses. Technical experts at the EU asked, “What purpose does such requirement serve?” urging that this should be nullified in the foreseeable future.
Mamo Mihretu, expert at the World Bank Group financial arm, the International Finance Corporation (IFC), told The Reporter that the minimum capital requirement had no purpose in the eyes of international best practices agreeing with the complaints raised by the EUBFE. However, Mamo testified that the government was busy in taking measures to improve the investment climate in Ethiopia. Mamo went on to say that EUBFE should have acknowledged some of the changes introduced.
Some of the changes where the WB was involved in assisting the government included the improvements in the proclamation of customs clearance. Risk management of imported goods has been improved. Previously, some 60 percent of imported goods were subject to pass through red channel customs and currently that figure has been reduced by half, Mamo said. According to Mamo, single window service is coming into the system, which is one point EUBFE failed to recognize.
Yet, according to the WB expert, business license and registrations must be further improved. One such predicament EUBFE experts are critical about was the excessive requirement of certificate of competence for which some 36 government agencies are involved in issuing. Certificate of competence for Mamo and the like need to be put in place in much specified business activities which might harm society and the environment.
The World Bank is assisting the government to improve trade license and trade name practices. The other area where the government is required to move boldly on includes tax administration procedures. According to the EU businesses, tax assessments, tax appeals and consistency in decision-making are where the tax authorities are failing most businesses. EUBFE urged the tax authorities to drop the 50 percent payment of disputed tax amount before appearing for tax appeals.
On a similar note, Chris de Muynck, chairman of EUBFE told The Reporter that Turkish, Indian and other non EU businesses have similar concerns on the table. “It might be the case that EU businesses are demanding for those changes to come in more formal manners, Muynck said. “Clear evolution towards openness and more collaboration from the government side is what we are asking. I think these are some of the encouraging outcomes in the past three years. The follow-up is fast moving towards the solutions.”
Officials from the Ethiopian Investment Commission (EIC) and the Ethiopian Revenues and Customs Authority (ERCA) and the Ministry of Trade were among those who tried to defend and at some point promised to take measures to resolve issues tabled by EUBFE.
According to EUBFE, the 300 companies have invested some 23.6 billion birr and any positioned to be among the major job creating firms. So far EU businesses are associated with securing jobs for 450 thousands in Ethiopia.
Trading Floors Can’t Feed Africa
– Exchanges aren’t helping farmers as foreign backers hoped
Manufacture in Ethiopia, Omani investors urged
|Ato Dawano Kedir, state minister of the Foreign Affairs Ministry of Ethiopia, said that whatever machinery Omani investors want to bring to Ethiopia will be tax-free and also, depending on the nature of the products that will be produced, there will be a tax holiday of two to nine years to help them become profitable.|
Addis Ababa – Omani investors have been encouraged to set up manufacturing units in Ethiopia, the most populous landlocked country in the world which provides a great gateway to other markets in Africa and beyond.
“There is a huge domestic market here in Ethiopia, so it would be good for Omani investors to have manufacturing units here,” Ato Dawano Kedir, state minister of the Foreign Affairs Ministry of Ethiopia, told the Times of Oman on Wednesday.
He was speaking on the sidelines of the Oman-Ethiopia Trade Meet in Addis Ababa, which was attended by senior officials from both countries as well as representatives of 20 Omani companies and some Ethiopian firms.
Led by Salem bin Nasser Al Ismaily, the chairman of the Public Authority for Investment Promotion and Export Development (Ithraa), the Omani delegation is exploring new avenues for business cooperation with Ethiopia, which has borders with Eritrea, Djibouti, Somalia, Sudan and South Sudan as well as Kenya.
The meeting was attended by Solomon Afework, president of the Ethiopian Chamber of Commerce and Sectoral Associations; Ayman Abdullah Mohd. Al Hasani, vice-chairman for economic and branches affairs at the Oman Chamber of Commerce and Industry (OCCI); Fahmi Al Hinai, honorary consul of Ethiopia in Oman; Nasima Al Balushi, director general of export development at Ithraa; and a number of other officials.
The Ethiopian state minister said that almost 60 per cent of Ethiopia’s 90 million population is young; and cheap labour, cheap and sufficient electricity, excellent airlines and a wide range of incentives have made the country a preferred destination for foreign investment.
Whatever machinery Omani investors want to bring to Ethiopia will be tax-free and also, depending on the nature of the products that will be produced, there will be a tax holiday of two to nine years to help them become profitable, Kedir noted.
According to him, there is vast potential and abundant investment opportunities in agriculture, agro-processing, mining, tourism, manufacturing, energy and infrastructure development in Ethiopia.
Solomon Afework, president of the Ethiopian Chamber of Commerce and Sectoral Associations, said at the meeting that the bilateral trade between the two countries reached $24.5 million in 2013 from only $2.6 million in 2004.
“Ethiopia’s total export to Oman between 2004 and 2013 was $7,253,635 while the total import from Oman in the same period was $113,954,418,” he said.
According to Ithraa, Oman’s imports from Ethiopia in 2014 stood at $2 million, while Oman exported goods worth of $37.2 million to the African country.
The top imported products from Oman were semi-products of iron or non-alloy steel, uncooked pasta, wheat or meslin flour, polypropylene in primary form, fittings for tubes, pipes and hoses and sugar confectionary.
Meanwhile, fresh, chilled or frozen goat meat, roses and other flowers, fresh strawberries, frozen edible offal of sheep, goats and horses and vegetables topped the list of imported products from Ethiopia.
Afework also noted that Omani investors have received a licence for three projects between 1992 and 2014 with a capital of 64.7 million birr (Ethiopian currency) and it is expected that there will be 138 permanent and 55 temporary jobs.
“Omani investors have also invested in partnership with Ethiopian, Sudanese, and Romanian investors with a capital of 17 million birr,” Afework said.
The proximity of the two countries has provided a great platform for the expansion of ties, he said, adding that Oman, one of the emerging economies in the Middle East, and Ethiopia, which is seeking to emerge as one of the leading commercial centres in East Africa, have a lot to offer to each other.
Afework said that Ethiopia is a member of the Multilateral Investment Guarantee Agency (MIGA), so there is strong and transparent investment protection and guarantee laws in Ethiopia.
In his speech, Ithraa’s chairman referred to the fact that first Muslim immigrants crossed the red sea to Ethiopia to seek refuge from religious prosecution in their homeland and noted that the current value of trade between the two countries does not reflect the spirit of deep-rooted and cordial relations between the two countries.
Al Ismaily said that Oman is ‘serious’ when it comes to enhancing its trade cooperation with Ethiopia, an emerging market which has registered an annual growth of not less than 10 per cent.
He also announced that Oman plans to hold a large exhibition in Ethiopia with the participation of around 150 Omani companies next year.
In addition, the official spoke about great investment opportunities in the Sultanate, noting that Oman is one of the 13 countries in the world registering an annual growth of 10 per cent for 25 consecutive years.
Oman has progressed a lot in all areas, he said, adding that investment in people, establishment of institutions to ensure the rule of law, appropriate fiscal and financial policies, ease of doing business and a belief in cooperation with other countries are some of the driving factors behind Oman’s development.
In a speech at the meeting, the state minister said that Ethiopia’s location at the crossroads between Africa, the Middle East and Asia and its membership of the Common Market for Eastern and Southern Africa (Comesa) are all factors that offer unparallel regional market potential and provide a comfortable platform to access the region’s fast developing markets.
Kedir noted that the Oman-Ethiopia relationship has strengthened since formal bilateral diplomatic relations were established in 1995. Also, Ethiopia has opened an honorary consulate in Oman to strengthen ties with Oman in all spheres.
A delegation of Ethiopian embassy in Yemen visited Oman in March 2014 and a business delegation from Oman also paid a business visit to Ethiopia in December 2014, he said, expressing hope that efforts to enhance trade between the two friendly countries will continue.
Is Islamic Banking the Answer for Ethiopians?
The National Bank of Ethiopia is working to use Islamic banking to bring financial services to Ethiopians who didn’t have access to any financial services at all.
The principles of Islamic finances state that: you cannot make money out of money. Interest cannot be charged, nor paid, and you cannot invest in items banned in Islam like alcohol or gambling. The question is now how will a religion with 1.5 billion followers find services for banking and finances? Rarely is making services Islamic compliant at the top of the agenda.
In recent years, Islamic appropriate banking has gained more traction and support. In 2008, a proclamation by Ethiopia’s financial regulator introduced interest-free banking in the country. Formal directives on Islamic compliant finance were also issued in 2011.
With support from USAid, Mercy Crops launched the Somali Microfinance Institution; the first provider of Islamic compliant finance and banking services within the country. The institution has 16 branches and a growing client base. Still, rural Ethiopia has a 125000:1 person to bank ratio. Somali Microfinance Institution is working very hard to bridge this gap through expansion, and looking into other methods as well.
Ethiopia is set to lead the way as a model to work towards getting the policymakers on board. In October 2014, Mercy Corps hosted both Ethiopian regulators and commercial banks from the UK to show how UK institutions can integrate Islamic compliant finance services into their offerings. Having the mixed group together produced a forward-thinking and productive conversation between the Ethiopians and UK bankers.
The challenge now lies with the National Bank of Ethiopia to develop legal framework to build up the financial sector. It will be a work in progress to provide financial services to those who have not had access. This will involve further development and understanding of interest-free finances.
Ethiopian Airlines doubled the number of passengers it flies since 2009 to more than six-million.
In 2013/2014 it made a record net profit of R1.85-billion, an increase of 54 percent on the year before that. The airline also won 10 international awards.
Over the same period African market leader South African Airways (SAA) flew 7.1-million passengers and suffered a net loss of R2.7-billion.
Ethiopian Airlines now has the largest fleet on the Continent and could, according to Centre for Aviation (CAPA), overtake South African Airways later this year in terms of passengers it carries.
Ethiopian Airlines is now twice the size it was at the start of this decade.