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World Bank loans Ethiopia $150 mln for governance

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admin 211 days, 11 hours, 57 minutes ago

he World Bank has loaned Ethiopia $150 million to improve governance in the Horn of Africa nation's urban centres, the U.S.-based body said on Wednesday. Eighteen cities will receive support to prepare them for future investment financing, a scheme that would benefit 2.8 million people in the country, the bank said in a statement. "The new loan will scale up the support provided for performance improvement in the planning, delivery, and sustained provision of priority municipal services and infrastruct... (more)

Digg It category: Economy | comment | | source: af.reuters.com

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tags: Addis Ababa, Bank, news about ethiopia, World Bank

Commercial Bank of Ethiopia selects IBM to modernize core banking system - Banking Business Review

published 218 days, 12 hours, 55 minutes ago posted by

admin 218 days, 12 hours, 58 minutes ago

Commercial Bank of Ethiopia (CBE) has awarded IBM a $3m contract to support the bank in a major program of modernization and business expansion. Under the terms of the agreement, IBM will provide hardware, software and IT services to support the bank in its business growth and its shift from manual financial processes to real-time financial services. With the new IT infrastructure, the bank plans to increase its number of accounts by 25% per year, launch 200 new ATMs per year and open 500 new branches ... (more)

Digg It category: Business | 1 comment | | source: bankingtechnology.banking-business-review.com tags: Bank, bekalu zeleke, CBE, commericial bank of ethiopia, news about ethiopia

IMF says Ethiopia economy to slow in 2011/12

published 243 days, 19 hours, 55 minutes ago posted by

admin 243 days, 19 hours, 56 minutes ago

Jun 1 (Reuters) - * 2011/12 growth seen at 6 pct vs 7.5 pct this year Annual inflation leapt to nearly 30 pct in April (Adds details, background) ADDIS ABABA, June 1 (Reuters) - Ethiopia's economic growth will slow to about 6 percent in the 2011/12 fiscal year due to high inflation, restrictions on private bank lending and a trickier business environment, the International Monetary Fund said. "The principal macroeconomic challenge is su... (more)

Digg It category: Economy | comment | | source: af.reuters.com tags: Addis Ababa, Bank, economy, ethiopia, IMF

CBE's Defining Moment

published 354 days, 11 hours, 14 minutes ago posted by

admin 354 days, 11 hours, 14 minutes ago

The largest state owned commercial bank, which is not only the dominant player in the banking industry but also critical in financing the public sector, the Commercial Bank of Ethiopia (CBE), is now at a defining moment of its existence. Reorienting the bank’s role in the economy, its managers have taken the CBE into uncharted seas by financing long-term projects; an ambition, pundits argue, would seriously undermine its liquid... (more)

Digg It category: Economy | comment | | source: allafrica.com tags: Addis Ababa, Bank, CBE, news about ethiopia, Tamrat G. Giorgis

Ethiopia PM sees no major devaluation in next 5 yrs

posted by

admin 365 days, 11 hours, 34 minutes ago

Sees no major birr devaluation, will regulate rate Govt to seek ways of easing inflationary pressures (Adds fresh quotes, details, background) ADDIS ABABA, Feb 3 (Reuters) - Ethiopian Prime Minister Meles Zenawi ruled out the possibility of another major devaluation of the birr on Thursday amid concerns the present rate is fuelling inflation in the Horn of Africa nation. "There will not be any major changes to the rate in the coming five years," Meles told legislators during a question and answer ses... (more)

Digg It category: Politics | comment | | source: af.reuters.com

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tags: Bank, eprdf, Meles Zenawi, news about ethiopia

Development Bank to Offer Citizens Govt Bonds

published 367 days, 13 hours, 3 minutes ago posted by

admin 367 days, 13 hours, 10 minutes ago

The state owned Development Bank of Ethiopia (DBE) will soon offer members of the public 200 million Br worth of government saving bonds, each denominated between 500 Br and 100,000 Br, according to Esayas Bahiru, president of DBE. Planned to be launched with the printing of 138,600 bonds, in February 2011, DBE's latest initiative will be the first time it prints government bonds in its more than 100 years of operation. The main ... (more)

Digg It category: Business | comment | | source: allafrica.com tags: Addis Ababa, addis fortune, Bank, business, news about ethiopia

Bunna International Bank - Bank to Show Profit in Years

published 380 days, 10 hours, 16 minutes ago posted by

admin 380 days, 10 hours, 18 minutes ago

Bunna International Bank (BIB) earned a 48, 000 Br profit during its first year of operations, making it the first bank among those established over the past few years not to operate at a loss in its opening year. BIB's performance largely resulted from the 11.5 million Br it earned in noninterest income. A total of 4.9 million Br, close to 43pc of this amount, came from gains made on foreign currency exchanges. (more)

Digg It category: Business | comment | | source: allafrica.com tags: Bank, bunna international Bank, business, Ethiopian news

Gov’t Collects 1.5bn Br from Windfall Tax

published 387 days, 13 hours, 37 minutes ago posted by

admin 387 days, 13 hours, 42 minutes ago

Dashen Bank has paid 302 million Br in windfall tax, the highest out of the 14 banks that paid a total of close 1.5 billion Br by Monday, January 3, 2011, the deadline set for the payment by National Bank of Ethiopia (NBE). (more)

Digg It category: Economy | comment | | source: www.addisfortune.com tags: Bank, dashen bank, economy, ethiopia

Zemen, Dashen Enter JV on ATMs

published 493 days, 11 hours, 58 minutes ago posted by

admin 493 days, 12 hours, 5 minutes ago

Zemen and Dashen banks (SC) signed an agreement on Wednesday, September 22, 2010, that would allow customers of both banks to use the 80 automated teller machines (ATMs) they have between them, creating the second collaboration between private banks to share ATMs. Lulseged Teferi, president of Dashen Bank and Brutawit Daiwt, president of Zemen bank signed the agreement. The agreement between Zemen and Dashen comes just a little over... (more)

Digg It category: Business | comment | | source: allafrica.com tags: Bank, birr, business, dashen bank, development, zemen bank

After birr devaluation inflation rising double-digits

published 501 days, 11 hours, 35 minutes ago posted by

admin 501 days, 11 hours, 42 minutes ago

The 16.7 percent devaluation of the Ethiopian currency, the birr, announced last week, against major foreign currencies has seen price inflation rising into the double-digits on both imported and locally manufactured goods. Construction industry In the wake of the devaluation prices of main construction materials have skyrocketed with steel, cement and paints showing a minimum [...] (more)

Digg It category: Business | comment | | source: ecadforum.com tags: Bank, birr, economy, ethiopia, news about ethiopia

An Ethiopian Bank Employee Sentenced for $17 Million Fraud Scheme.

published 515 days, 14 hours, 54 minutes ago posted by

admin 515 days, 15 hours, 1 minute ago

FBI – Washington Field Office Former United Bank Employee Sentenced to 30 Months for Helping Conspirator Steal $17 Million from Bank ALEXANDRIA, VA—Sissaye Gezachew, 32, of Springfield, Va., was sentenced today to 30 months in prison for his role in a multi-million-dollar bank fraud conspiracy. Neil H. MacBride, United States Attorney for the Eastern District [...] (more)

Digg It category: Fun | comment | | source: ecadforum.com tags: Bank, Diaspora, news about ethiopia

Ethiopia Devalues Its Birr Currency 17% Against Dollar, Central Bank

published 520 days, 14 hours, 17 minutes ago posted by

admin 520 days, 14 hours, 18 minutes ago

Wed Sep 01 2010 Ethiopia devalued its currency, the birr, by 17 percent against the dollar, the third such move in the past 14 months, according to the National Bank of Ethiopia. The exchange rate was quoted at 16.351 per dollar today compared with 13.628 yesterday, according to the website of the Addis Ababa-based central bank. It was trading at 11.381 on July 10 last year. The devaluat... (more)

Digg It category: Economy | comment | | source: www.bloomberg.com tags: Bank, economy, ethiopia, Ethiopia economy, news about ethiopia

Nile International Loses 12.5 Million Br Case in Absentia

published 537 days, 21 hours, 32 minutes ago posted by

admin 537 days, 22 hours, 1 minute ago

The Federal High Court's Eighth Civil Bench found Nile International Plc liable in absentia for 12.5 million Br with interest to be paid to Nile Business Group Plc on July 20, 2010, for failing to pay a promissory note of the same value to the latter. Nile International handed a promissory note of 12.5 million Br to Nile Business Group on May 8, 2009. The note, which was prepared in order to settle a previous loan received in kind from Nile Business Group, was due to be paid on June 7, 2010. (more)

Digg It category: Business | comment | | source: allafrica.com tags: Bank, business, ethiopia, news about ethiopia

The Ethiopian Economy: Proud Of High Deficit?

published 584 days, 9 hours, 14 minutes ago posted by

admin 584 days, 9 hours, 16 minutes ago

Had Friedman been the adviser to Meles Zenawi, he likely would have argued the importance of a balanced budget for Ethiopia, one of the poorest nations in the world. Such an ‘outdated’ hypothesis simply does not hold true for this nation. For the last forty years, the economy has experienced huge budget deficits accompanied by sluggish economic growth. Under the two most recent regimes-the Derg and now the EPRDF-expenditures have reached their maximum, to little public benefit. (more)

Digg It category: Economy | comment | | source: addisnegeronline.com tags: Bank, economy, ethiopia, news about ethiopia

Lion International Bank Appoints New President

published 682 days, 11 hours, 36 minutes ago posted by

admin 682 days, 11 hours, 44 minutes ago

Lion International Bank (LIB) appointed Daniel G. Egziabher, marketing, planning and research department director, to be the acting president on Monday, March 15, 2010, the same day it accepted the resignation of its president Meressa G. Mariam. Daniel has also become the bank's vice-president for finance, human r... (more)

Digg It category: Business | comment | | source: allafrica.com tags: Addis Ababa, addis ababa in ethiopia, addis ethiopia, Bank, business, news about ethiopia

Meles Keen to See Emerging Bond Market

published 682 days, 11 hours, 36 minutes ago posted by

admin 682 days, 11 hours, 45 minutes ago

Dissatisfied with an apparent absence of competition in the banking industry to the disadvantage of depositors, the Federal Government is planning to introduce what experts say could become a nascent bond market. With inflation driven to record high double digit figures last year and borrowers accessing money fr... (more)

Digg It category: Business | comment | | source: allafrica.com tags: Bank, economy, Meles Zenawi, news about ethiopia

Ethiopia’s February inflation rises to 8.1 pct

published 686 days, 12 hours, 52 minutes ago posted by

admin 686 days, 13 hours, 6 minutes ago

ADDIS ABABA – Ethiopia’s year-on-year inflation rate rose to 8.1 percent in February from 7.6 percent in January due to higher food, fuel and construction material prices, its statistics office said on Wednesday. Inflation in the Horn of Africa nation surged to 64.2 percent in July 2008, driven by record high food and fuel prices, before [...] (more)

Digg It category: Economy | comment | | source: ecadforum.com tags: Bank, business, CBE, economy, Ethiopia news, Ethiopian news, news about ethiopia

የኢትዮጵያ ንግድ ባንክ ግማሽ ዓመት ትርፍ 1.5 ቢሊዮን ብር ደረሰ

published 739 days, 11 hours, 34 minutes ago posted by

admin 739 days, 11 hours, 58 minutes ago

የኢትዮጵያ ንግድ ባንክ በ68 ዓመት ታሪኩ ከፍተኛ የሆነ 1.5 ቢሊዮን ብር የግማሽ ዓመት ትርፍ ማስመዝገቡን ምንጮች ለሪፖርተር ገለፁ፡፡ (more)

Digg It category: Business | comment | | source: www.ethiopianreporter.com tags: Bank, business, Ethiopia news, Ethiopian news, news about ethiopia

German firm to design CBE headquarters in Addis Ababa

published 758 days, 8 hours, 49 minutes ago posted by

admin 758 days, 9 hours, 11 minutes ago

Henn Architekten has won first prize in an architectural competition for the construction of the Commercial Bank of Ethiopia (CBE) headquarters in Addis Ababa. Once completed, the 42-storey tower will be the tallest building ever built in Ethiopia. The firm’s proposal includes, on the longer sides of the slender office tower, a gap in the facade [...] (more)

Digg It category: Business | comment | | source: abbaymedia.com tags: Bank, CBE, Ethiopia news, Ethiopian news, news about ethiopia

Abay Bank Awaits Nod from NBE over Directors, President Appts

published 770 days, 11 hours, 19 minutes ago posted by

admin 770 days, 11 hours, 33 minutes ago

The newly established private commercial bank, Abay Bank, is awaiting a nod from regulators at the central bank for endorsement of its board of directors and president. (more)

Digg It category: Business | comment | | source: www.addisfortune.com tags: Bank, business, eprdf, Ethiopia news, Ethiopian news, news about ethiopia

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