Archive for August, 2010

Ethiopia: China to Fund Light Rail in Addis Ababa and the Addis Ababa – Djibouti project

(HornTrade) – The Export and Import (EXIM) Bank of China reached an agreement with the Ethiopian Railway Corporation (ERC) to finance its Light Railway Network project  in Addis Ababa, reports Capital news.

The bank signed an agreement with ERC a few months ago. However, it still has to get final approval of the Chinese government which is expected in four to six weeks.

The light Railway Network project is expected to transport 20,000 passengers per day and is hoped to be a solution for Addis Ababa’s Read the rest of this entry »

Ethiopian Airlines resumes flights to Djibouti

(HornTrade) – After suspending its daily flight to Djibouti for two weeks, Ethiopia’s flag carrier, Ethiopian Airlines, resumed Monday its regular flight operations to the neighboring country. The Djiboutian civil aviation authorities recently denied Ethiopian flight operations permit demanding that the airline deploy Boeing jet instead of the turboprop aircraft. Ethiopian has been operating Fokker 50 and more recently the new Bombardier Q400 turboprop aircraft on the Addis Ababa Djibouti route. The Djiboutian Read the rest of this entry »

Ethiopia: High rising lake threatens Addis-Djibouti highway

(HornTrade) – Residents of Metehara, a town located 164 kms east of Ethiopia’s capital, Addis Ababa in the Oromia Regional State, has been gazing at the overflowing Lake Beseka in shudder fearing that the Rift Valley lake might very soon submerge them. The spilling over is becoming a clear and present danger to the country’s major import/export corridor – the only highway to the Port of Djibouti. According to some experts, the lake, which occupied 3-5sq km from 1912 to 1964, had been expanding significantly to Read the rest of this entry »

Ethiopian Shipping Lines secures over 641 mln Birr profit (45 mln Dollars)

(HornTrade) – Ethiopian Shipping Lines said, it secured over 641 million Birr in profit for the just concluded fiscal year. The company had surpassed its targeted profit of 415 million birr for the year, ENA, Ethiopia’s State-Owned news agency said.

The company has shipped more than 2.4 million tonnes of items in the reported period which surpassed the preceding year by 107 percent. Read the rest of this entry »

Economic Zones World to build new integrated office building in Djibouti Free Zone

(HornTade) – Economic Zones World (“EZW”) today announced its plans to construct a high quality office building facility at the Djibouti Free Zone (“DFZ”) to cater for its customers’ growing business needs and provide them with a qualitative integrated service offering distinct from others in the country.

Managed by EZW the DFZ, with its investment friendly business environment and modern logistics infrastructure, has emerged as one of the most important strategic logistics platforms in East Africa. Read the rest of this entry »

IDB approves new projects worth $620m

(HornTrade) – The Islamic Development Bank (IDB) has approved 12 new development projects worth $620 million. The decision was taken by IDB’s Board of Executive Directors, which met in Jeddah on Saturday.

Amongst the decisions taken in the meeting was the approval of IDB Group’s membership in the International Financial Institutions Anti-Corruption Task Force (IFI Task Force) aimed at joining efforts by international institutions in combating fraud and corruption. Read the rest of this entry »

Dispute led Ethiopian Airlines to suspend flights to Djibouti

(HornTrade) – A dispute between Ethiopian airlines and Djibouti Civil Aviation Authority has led Ethiopian airlines to suspend all flights between Ethiopia and Djibouti indefinitely. According to media reports, the dispute is over the type of aircraft Ethiopian flies to Djibouti.

Ethiopian Airlines would like to continue to operate turbo-propelled aircraft, while the Djibouti authority is pushing them to use jet-propelled planes for flights to that country, Arab News reported. Read the rest of this entry »

Djibouti: The country’s economic situation in the first quarter of 2010

(HornTrade) - The national economy in the first quarter of 2010 remains at a level favorable, according to a recent newsletter published by the Ministry of Economy and Finance.

The Bulletin considers promising  the field of electricity and water, in the number of subscribers, with the first quarter of 2010, 562 additional subscribers between two successive quarters and 1828 subscribers compared to last year’s same period.

In the water sector, on an interval of three months, the number of subscribers increased from 18 984 to 19 250 subscribers is 266 subscribers by adding (1.4%). Read the rest of this entry »

Stratex Intl targets more discoveries

(HornTrade) – Stratex hailed its “rapid progress” of its expansion into the Afar Depression of Ethiopia, where it focused on further exploring the potential prospectivity of the project after discovering the Megenta low-sulphidation epithermal gold project in November 2009. Mapping and sampling results at Megenta gold discovery included values of up to 16.2 g/t gold at original surface level of the epithermal system.

Stratex has expanded its ground holdings in the vicinity of Megenta and has also moved into neighbouring Djibouti where the same Read the rest of this entry »

Djibouti: Groupe BANK OF AFRICA (BOA) and Crédit Agricole SA today announced the conclusion of an agreement for the acquisition of Banque Indosuez Red Sea (Djibouti) by BANK OF AFRICA

(HornTrade) – The BANK OF AFRICA Group and Credit Agricole SA (“Credit Agricole”) announced today that they conclude an agreement on the acquisition by the BANK OF AFRICA capital of Banque Indosuez Red Sea (“BIMR”), the banking subsidiary of Credit Agricole in Djibouti. BANK OF AFRICA will subsequently enter Proparco and FMO BIMR  in the capital.

The completion of this transaction is subject to validation of financial authorities and regulatory authorities and may occur before the end of the fourth quarter of 2010. Read the rest of this entry »