Ethiopia: Devaluation of Birr

(HornTrade) - The recent devaluation of Birr would help enhance the country’s trade competitiveness in the global market, the National Bank of Ethiopia (NBE) said.

In a joint news conference they gave here on Friday, the Deputy Governor of the bank and Financial Institutions Supervisor, Getahun Nana, and Chief Economist and Monetary Stability Deputy Governor, Yohannes Ayalew, said the devaluation of Birr would help enhance the country’s foreign trade.

They said the Birr was devalued on September 1, 2010 from 13.6262 to 16:3514 Birr against a dollar. Read the rest of this entry »

Kenya, Ethiopia: Tullow Oil Expands With Africa Oil License Acquisitions

(HornTrade) – Tullow Oil Plc, which plans to produce its first oil in Ghana later this year, will expand exploration in Kenya and Ethiopia with the acquisition of interests in six licenses from Africa Oil Corp.

Tullow agreed to buy a 50 percent interest in Blocks 10BB, 10A, 12A and 13T in Kenya; and the South Omo Block in Ethiopia, the London-based explorer said today in a statement. The transaction will expand Tullow’s East Africa assets after last month’s agreement to join the U.K.’s Centric Energy Corp. in exploring Block 10BA in northwestern Kenya. Read the rest of this entry »

South Africa: No big bandwidth bang with East Africa Submarine System (Eassy)

(HornTrade) -  The East Africa Submarine System (Eassy) cable has not made the sort of splash on the SA broadband market as many had expected it to.

The 10 000km-long submarine fibre cable, which runs along Africa’s east coast, is the second new cable to arrive on SA shores in the past year. The first was Seacom, which went live in 2009.

SA also has the Sat-3 and Safe system, which is part-managed by Telkom.
Read the rest of this entry »

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 »