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Development Bank of Ethiopia Quadruples it’s Capital

The Council of Ministers boosts the policy bank, the Development Bank of Ethiopia (DBE), through a capital injection of 28.5 billion birr, four times the preexisting capital of 7.5 billion birr. This decision was made at the Council’s extraordinary meeting held on May 7, 2020.

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Flour and Biscuit Factory Breaks Ground in Debre Sina

A local food processing firm has constructed a flour and biscuit processing plant in Debre Sina town, 145Km north of the capital, with a total investment of 210 million Br.

Vita Hydro Agro-Processing Plc, a sister company of Belayab Food Production Plc owned by three foreigners and two local business people, invested in the plant, which rests on two hectares of land. The company leased the land from Tarmaber Wereda’s land administration office and got a business license from the Ethiopian Investment Commission.

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Jano Bank, a new investment bank under formation starts selling shares

Jano Bank, a new investment bank under formation, has started selling shares after getting a green light from the National Bank of Ethiopia (NBE). Zenabu Belay, co-owner of Belayab Motors and Belayab Cables; Shiferaw Habte, founder of Wub Water; and Alemayhu Kebede (PhD), former president of Debre Tabor University, are among the founders of the Bank.

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Burger King to join Ethiopian market

Burger King, an American giant multinational fast food chain restaurant has teamed up with Belayab Foods Production, owner of Pizza Hut chain restaurants for its operations in Ethiopia. Aschalew Belay is a major shareholder of the Belayab group, now involved in a variety of business interest, including food, hospitality and in the automotive sector – the Kia brand, among others.

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Accor Hotels Group inks deal to bring Ibis Styles hotel to Addis Ababa

The French augmented hotelier, Accor Hotels Group, has agreed to bring in and manage Ibis Styles, a mid-scale brand as a fifth pipeline project in Ethiopia under its umbrella.
The property, costing USD 23 million, will open its doors by the end of 2023, and will have 150 keys (rooms) suitable for most young and middle class business travelers and executives, who would not mind spending USD 140 to 150 per room night.

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Ethiopian Banks Half Year Performance Report

Some private banks have stated out that their half year performance has improved compared to last year’s half year performance. Out of the 16 private banks, Awash Bank leads the pack with 2 billion birr gross profit for the 2020 / 2019 half year. Dashen Banks follows with 1.16 billion birr. Other banks have had an improved gross profit compared to last year’s performance.

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