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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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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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The National Bank of Ethiopia’s (NBE) directive released today limits daily and monthly cash withdrawals of businesses to 300,000 Br and 2.5 million Br, respectively. Individual savers are allowed to withdraw a maximum of 200,000 Br a day and one million Birr a month.
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Bunna International Bank and Bunna Insurance have invested 285 million Br and 130 million Br, respectively, to acquire two separate buildings as their headquarters.
Bunna Bank bought an eight-storey building with a terrace and basement located near Africa Avenue. The Bank bought the building without a bidding process.
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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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Amhara Bank S.C, a new bank under formation, has managed to collect 4 billion birr paid up capital from more than 145,000 shareholders. This makes the bank the largest company in Ethiopia interms of number of shareholders. The new bank under formation also managed to collect 5.3 billion birr subscribed capital.
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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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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.
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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Despite a notable improvement in profitability, the earnings per share (EPS) of Oromia Insurance saw a marked decline in the last fiscal year.
The company’s profit after tax went up by 20pc to 87.3 million Br, while the EPS slid by 20 Br to 390 Br, undermined by a marked increase in paid-up capital.
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