The total profit of commercial banks in Ethiopia, grew by 24 percent this year as compared to the similar period last year. This is excluding the new private banks, which have not began reporting profits and state-owned National Bank of Ethiopia (NBE).
The United Nations Economic Commission for Africa (UNECA) officially launches this morning, June 21, 2010, the construction of new office facilities in the presence of Ethiopian Prime Minister Meles Zenawi.
The Ethiopian Ministry of Mines and Energy (EMoME) failed to meet national target of increasing reserve oil of the country to 588,000 cubic from it was at 130,000 cubic meters five years ago.
Following approval received at shareholder meeting last week, Nyota Minerals Ltd. (NYO.AU) announced yesterday, June 14, 2010 that it acquires 80 percent interest in land package totaling over 4,500 km2 of highly prospective exploration site in Ethiopia.
Ethiopian Minister of Finance and Economic Development (MoFED) presented to the Parliament a 20 percent national budget increment (1.5 billion USD) for the coming fiscal year (July 8, 2010 to July 7, 2011).
Proras, Italian Engineering and Contracting company, which has been working in Ethiopia for the past nine years, invited Ethiopian Small and Micro Enterprises (SMEs) to follow Italian industrial development model and start manufacturing ‘Made as in Italy’ products locally.
With the aim of expanding telephone and internet services, Ethiopian government is working to extend the current 7,000 kms of fiber-optics line to 10,000 kms in the coming three months.