HAVE ANY QUESTIONS? CLICK HERE
Dembel City Center, Africa Avenue - 10th floor
Address
+251-11-8-22-36-66
Office

News & Blog

About 17 British energy organizations will be visiting Ethiopia next week as part of the Energy Catalyst Mission.

The organizations will meet Ethiopian counterparts in the energy sector to understand the opportunities for UK-Ethiopia collaboration, said the UK Embassy in Ethiopia.

The key objectives of the mission are to help companies applying for Energy Catalyst Round 7 to get an understanding of the energy access issues in Ethiopia and gain links to potential partners.

Power demand in Ethiopia increases 30% annually. To meet demand the government is encouraging foreign direct investment (FDI) and private companies to develop the energy sector.

Ethiopia currently generates 4,200 MW power and has a target to increase generation capacity, with an overall potential of 37,000 MW by 2037.

It is one of the few countries in Sub-Saharan Africa which generates all its electricity from renewable resources.

Given its large clean energy reserves, Ethiopia can become a cornerstone of the regional power market and the Eastern Africa Power Pool.

Source: https://fanabc.com/english/2019/07/british-energy-organizations-to-visit-ethiopia-next-week/

 

Addis Ababa June 5/2019 Over 160 billion birr tax revenue was collected during the 2018/19 Ethiopian fiscal year which started July 8, 2018,Ministry of Finance reported.

Presenting the ten-month performance report of the ministry to the House of People’s Representatives (HPR), Finance Minister Ahmed Shide said the 160.4 billion birr tax revenue is about 68 percent of the plan for the fiscal year.

According to him, the nation’s tax collection status has improved following the recent reform and restructuring of tax collection system. 

However, the amount of revenue has not still shown a significant progress, Ahmed noted, adding that the Ministry of Finance has established a task force of ministries dedicated to facilitating the country’s taxation activities.   

The minister revealed that the task force would enable the country to collect from 20 to 30 billion birr extra revenue by improving the tax management system in the country in the future. 

Similarly, the country has secured 31.7 billion birr in foreign direct budget subsidy and this is a commendable achievement as the country has attained 164 percent of the plan during the budget year, Ahmed pointed out. 

Responding to the question posed by the MPs with regard to the high inflation rate that has reached 12.6 percent and drastically affecting the macro-economy balance, the minister stated that the situation could have been worse had the government not pursued a strong fiscal and monitoring policy. 

Noting that the inflation rate is the indication of the country’s macro economy imbalance, particularly the supply and the demand disparity, Ahmed mentioned the contributing factors to the inflation included low export performance, lack of appropriate finance model, and low tax revenue. 

Source: https://www.ena.et/en/?p=8129

 

 

 

Ethiopia and the United Arab Emirates (UAE) signed a memorandum of understanding (MoU) for a $100 million grant. The grant, it was learned, targets innovation and technology.

Signing the MoU were, Admasu Nebebe, Ethiopia's State Minister of Finance, and Hussain J. Al Nowais, Chairman of the Khalifa Fund Board of Directors. The Khalifa Fund for Enterprise Development represented the UAE. Presiding over the signing ceremony was also Abiy Ahmed, Ethiopia's Prime Minister.

The support, the Office of the Prime Minister said in a tweet, provides for micro, small and medium enterprise sector development and job creation, particularly focused on innovation and technology.

Source: https://www.2merkato.com/news/alerts/5747-ethiopia-uae-sign-mou-for-100-mn-grant-for-innovation-technology

 

Ethiopian Airlines (Ethiopian) on Friday announced that it had been meeting with the Federal Government and private sector players on plans to establish a national carrier in Nigeria.

According to the airline, the lack of a national carrier in Nigeria that could compete favourably with other international brands was not good for the country and for Africa.

Group CEO, Ethiopian Airlines, Tewolde Gebremariam, told some reporters in Abuja that the non-existence of an indigenous airline in Nigeria that is fully involved in international operations was a big threat to the aviation sector in Africa.

Responding to a question on why he was in Nigeria, Tewolde said, “We have been discussing and exploring possibilities to establish or support a strong airline in Nigeria. I don’t mean that there is no strong airline in Nigeria, but we want an airline that can satisfy the demand of the domestic market, the regional market, and international market.

“We are also in talks with Ghana government to establish Ghana Airways but the biggest market which is Nigeria has been a challenge, to be honest with you. We make sure that when we start something, we start professionally and make sure that it succeeds.”

Tewolde observed that with the demise of Nigeria Airways, there has not been a very strong airline in Nigeria that has the capacity to compete effectively with other large international carriers.

He explained that non-African carriers had the biggest share in terms of percentage volume on international routes in African countries, as well as across the globe.

He said, “Nigeria is a very large country but unfortunately, since the demise of Nigeria Airways, we are unfortunate that we don’t have a strong carrier. So, this concern is part of continental concern because in Africa, non-African carriers have the biggest shares. It is around 80-20 per cent ratio. 80 per cent of the traffic between Africa and the rest of the world is carried by non-African carriers.

“The homegrown carriers have only 20 per cent of the market. This is not fair and it used to be 60 per cent some years ago but now it is coming down. We are also threatened because all of us in Africa are only 20 per cent of the market.

Tewolde added, “So, in a declining trend, there is a possibility that the market share can be zero. So, they will wipe us out. We have to make sure that we work together with all African countries to ensure that there are strong homegrown indigenous carriers. We have done this with Asky in Togo and we want to do it in Nigeria.”

 

Source:  https://fanabc.com/english/2019/07/ethiopian-to-establish-international-carrier-for-nigeria/

 

logo_color.png
  • Africa Avenue Street
  • Dembel City Center, 10th Floor 
  • Office: +251 118223666     
  • info@lucypartners.com

Newsletter

Subscribe for financial and related update for every month.

© Copyright 2020 Lucy Partners. All Rights Reserved.
Website developed @ BEKI Square

Search