The British oil company that has been prospecting for oil in South Omo, Tullow Oil, recently drilled the fourth oil exploration well in South Omo named Gardim 1. Reliable sources told The Reporter that the drilling crew of Tullow drilled Gardim 1 with Exalo 205 rig to a total depth of 1,900 meters and reached […]

The Commercial Bank of Ethiopia (CBE) is in the final stages of research into foreign markets, with the potential of opening branches in Washington DC, Dubai, South Africa and Djibouti. As part of its vision 2025 to become a world class banker, the representatives of the bank traveled to Washington and South Africa in September, […]

For the 2014/2015 fiscal year the Oromia State Council passed the budget to be over 31.6 Billion Birr. The new approved budget exceeds last year’s budget by 4.9 Billion Birr. The Council also heard reports from the State Supreme Court and Audit Bureau which it endorsed. More than 11 Billion Birr of the total 31.6 […]

Leaders of the BRICS nations will launch their long-awaited development bank at a summit next week and decide whether the headquarters should be in Shanghai or New Delhi, Russian Finance Minister Anton Siluanov said on Wednesday. The creation by Brazil, Russia, India, China and South Africa of a $100 billion bank to finance infrastructure projects […]

Ethiopia’s inflation rate fell to 8.5 percent in the year to June from 8.7 percent the previous month, due to a slowing rise in food prices, official data showed on Thursday. The Central Statistics Agency said food price inflation slowed to 6.2 percent in the year to June from 6.3 percent in May, owing to […]

The UN Conference on Trade and Development (UNCTAD) has warned that African economies will not sustain the current high economic growth rates driven by consumption of goods and services, which has partly lowered the manufacturing capacity. Speaking at the launch of UNCTAD’s latest report, the Economic Development in Africa Report, 2014 here Thursday, UNCTAD Director […]

In a country where 80 percent of jobs for youth are within the informal sector, as the formal sector has not been a dynamic engine for growth, creating more jobs should be the first among the many government priority lists. Unfortunately, the opposite has been happening in Ethiopia, and many believe that the MIDROC Ethiopia […]

The Ethiopian House of People’s Representatives (HPR) during its extraordinary session on Monday endorsed a 178.5 billion Birr national budget for 2014/15 fiscal year. Having thoroughly deliberated on a report and a resolution presented to it by the Budget and Finance Affairs Standing Committee, the House approved the budget unanimously. The House had, previously, discussed […]

Will provide loan for Alto Langano geothermal project The only existing bridge that links Ethiopia and Djibouti and was built 43 years ago is to be replaced by a new 145 m long and 40 m high two-way bridge with a 230 million birr finance secured from the Japanese government. The old bridge, which is […]

The Washington-based World Bank Group this fiscal year has approved and disbursed a historic record high funding to Ethiopia, The Reporter has learnt. According to the information obtained, this fiscal year alone the WB has approved USD 1.6 billion and disbursed some 1.3 billion for eight projects in the country. The World Bank published statements […]

Ethiopia will start setting up a new industrial park in September and will expand another at a total cost of $250 million, an official said, part of efforts to shift away from farming and become a hub for textiles and other industries. The Horn of Africa nation aims to attract investors who are moving some […]

During a pre bid meeting on Monday, June 30, 2014, Ethiopian Railway Corporation pronounced it is looking forward to establish an international system which will enhance operation and maintenance works. The meeting was organized for eight international companies that showed interest to take part in the bid for taking over the management of Addis Ababa […]

The latest Salary increment by government reveals one of the many strategies by which traders inflate the market to set a new false price. In some regional state (harer,diredewa,jijiga) and as sources from Addis Ababa disclosed , major wholesalers were able to convince retailers to adjust new prices almost immediately upon verifying that the Salary […]

WASHINGTON, DC – Yemeni authorities on June 24 arrested a top Ethiopian rebel group leader while he was in transit at Sanaa airport, sources said. Andargatchew Tsige, secretary of Ginbot 7, a rebel group based in Eritrea, arrived in the Yemeni capital aboard Yemenia Airlines. He was waiting for his flight when Yemeni security men […]

Awet Teki, an economic expert who presented his study on access to credit and private sector development in Ethiopia at an event organized by the Addis Ababa Chamber of Commerce and Sectoral Association (AACCSA), stated that the private sector and financial institutions have to change their strategy to expand access to finance and to boost […]

Addis Ababa, Ethiopia – Export of oilseeds has become the biggest foreign exchange earner for Ethiopia overtaking coffee, the country’s number one export item for decades. A ten-month performance report obtained from the Ministry of Trade (MoT) reveals that Ethiopia obtained just under 585 million USD from export of oilseeds, knocking coffee off its perch […]