Category: Finance

Addis Ababa: Dutch businesses in Ethiopia have invested at least one billion USD, making substantial contributions to Ethiopia’s economic growth, Henk Jan Bakker, Ambassador of Netherlands to Ethiopia said.

Highlighting the significant Dutch business presence in Ethiopia, the ambassador told ENA that nearly hundred Dutch companies have invested in various sectors.

Notably, the horticulture and floral industries have emerged as a prime destination for Dutch investments, contributing significantly to Ethiopia’s foreign exchange earnings.

These investments have propelled the Netherlands to become the largest destination for Ethiopian exports, accounting for 10% of the country’s total exports, Ambassador Bakker said.

Dutch investments in Ethiopia primarily focus on agriculture, particularly horticulture and flowers, he said.

He stated that the major Dutch breweries such as Heineken and partly Dutch-owned Habesha beer have made substantial investments in Ethiopia’s beer industry, he said.

Additionally, small
er investments have been observed in the fintech and other sectors, it was learnt.

Noting the long-standing and robust relationship between the Netherlands and Ethiopia, the ambassador expressed desires to further strengthen and enhance ties between the two countries.

The Netherlands remains committed to nurturing and expanding the bilateral relationship, focusing on economic cooperation, investment promotion, and collaboration on common challenges, according to the ambassador.

He pointed out that with a shared vision for progress, both countries seek to build on their strong foundation and forge a prosperous future together.

Furthermore, the Netherlands has been one of Ethiopia’s major partners in development cooperation, he said.

With focus on food and nutrition security, water resources, and healthcare, the Netherlands has been actively engaged in supporting Ethiopia’s developmental needs, the ambassador said.

Source: Ethiopian News Agency

Addis Ababa: Prime Minister Abiy Ahmed jointly with the Addis Ababa city administration leadership, has reviewed today the advancement of the capital’s corridors development project currently in progress.

‘This morning, we assessed the advancement of the Addis Ababa corridors development project currently in progress. Our primary goal is to fulfill our commitment to transform Addis Ababa into a livable and welcoming city for its residents,’ the premier shared on X page.

While the process may affect properties owned or leased by various sectors, including the private sector, government, and low-income communities, the long-term benefits of this ambitious undertaking will be significant for all stakeholders and the broader public once completed, Abiy revealed.

Additionally, ‘We are observing the emergence of a new work culture, which is crucial to replicate and sustain nationwide to enhance national productivity,’ the prime minister noted. Furthermore, Prime Minister Abiy assessed the progress of activities
along the five designated corridors.

As previously announced, the city has embarked on an ambitious initiative to upgrade key routes and improve connectivity among these corridors, according to the Office of the Prime Minister.

The scope of work encompasses revitalizing neglected areas of the city, enhancing living conditions for residents in informal settlements, installing integrated drainage systems and utility infrastructure, expanding roads to accommodate rising traffic volumes, creating spacious pedestrian walkways, restoring heritage sites, and upgrading buildings to align with the city’s aesthetic standards.

The city administration has conducted extensive consultations with relevant stakeholders prior to commencing the project and has implemented various measures to assist households displaced by the development activities.

The development of these corridors is anticipated to be completed in the coming months, ahead of the rainy season.

Source: Ethiopian News Agency

The Government Institutions Pension Fund (GIPF) opened a new Regional Office at Outapi on Monday.

Speaking at the event, Vice Chairperson of the GIPF Board, Evan Maswahu, said the Outapi Regional Office, an investment of N.dollars 6 million, resulted from the Fund’s commitment made in 2022.

Its construction phase, he said provided job opportunities in addition to the employment opportunities for the full-time GIPF employees.

‘Since the inception of the Fund, we have set deep footprints that are visible through our 11 regional and four satellite offices spread across all 14 regions, meeting the needs and expectations of our members who are not all based in Windhoek but span across all corners of the country,’ he said.

He noted that the Outapi office is a result of the fund’s strategic intent and mandate to provide retirement and ancillary benefits to its members and beneficiaries, which can only be achieved through regional presence and visibility.

Meanwhile, in his remarks, Omusati governor Erginus Endja
la said that through its investments, the GIPF has not been a stranger to the region as this is not the first time that they have benefited from the generosity of the GIPF.jala said: ‘To date, the region has benefited approximately N.dollars 67.4 million through the First Capital home loans scheme for civil servants.’

He added that the membership base of the GIPF currently stands at approximately 97 512 active members and an additional 40 197 pensioners, spousal and children beneficiaries, thus necessitating the opening of the new offices nationwide.

Source: The Namibia Press Agency

The Government Institutions Pension Fund (GIPF) received a total of N.dollars 4.7 billion in contributions from its 97 512 active members during the 2023 financial period.

This was revealed by the Fund’s Chief Executive Officer Martin Inkumbi, during the launch of the GIPF 2023 Integrated Annual Report at Oshakati on Tuesday.

He said N.dollars 6.9 billion was disbursed in benefits to active pensioners and annuitants, adding that the total fund asset value stood at N.dollars 151 billion.

‘The Fund’s investment return has increased by 7.7 per cent to N.dollars 6.5 billion, compared to an increase of 10.8 per cent in the previous year,’ he said.

GIPF Board of Trustees Vice Chairperson Evans Maswahu, said the Fund has produced integrated annual reports since 2018 to enhance the way it communicates its business narrative, providing a coherent account of how all its resources contribute to value creation.

‘In our assessment of the risks, opportunities and outcomes that materially impact value creation, we expa
nded our focus beyond the financial reporting boundaries.

This broader perspective allows us to address the material interests of our stakeholders and consider the significant risks, opportunities and impacts associated with our activities across the short-term (less than 12 months), medium-term (one to four years), and long-term (beyond four years) horizons,’ he said.

Moreover, Maswahu indicated that the report highlights the final year of the Strategic Plan for the period 2018 to 2023, which was developed around four strategic themes to ensure that the Fund manages its resources and relationships needed to create value over time.

Source: The Namibia Press Agency

Chief Executive Officer (CEO) of the Kamanjab Village Council, Bianca Nguaiko, has urged potential investors to apply for land for residential and commercial use to help the village council combat deprivation and generate jobs.

Nguaiko made the call in a recent interview with Nampa, saying to improve the integration of village planning and management, the council and potential investors must demonstrate a strong commitment to reforming policies and changing the village’s image.

‘Such investments will not only reduce poverty, but will also boost the quantity and calibre of infrastructure spending and fortify the institutions necessary to maintain and grow Kamanjab’s competitiveness,’ the CEO said.

Nguaiko also informed this agency that the village council’s financial affairs have been impacted by the high unemployment rate, which currently stands at over 50 per cent.

The high rate of unemployment means most people are unable to pay their taxes and rates.

‘Most people in Kamanjab do not work and it is alwa
ys difficult for them to pay their water, rates and taxes, and because the town is small, we only have small businesses and therefore, I would like to call for more investors,’ she stated.

The CEO went on to say that the council owns a sizable amount of land and that investors are encouraged to buy land and invest in the community.

Nguaiko further said the lack of funding has led to the council being unable to provide its services to all areas of the community.

‘Even though we are managing to pull through with the little we have, I must add that with insufficient funds, it is difficult to deliver services to all parts of the village equally.’

Despite the limited funding, the council was able to build roads with the help of the Road Fund Administration, connecting the town’s informal settlement to certain other areas.

The village council also acquired two vehicles that are used by the building and water departments and drilled boreholes at the beginning of 2024 to supply water directly to its residents in
stead of relying entirely on NamWater, which it owes N.dollars 3.5 million.

The village council also owes various suppliers and contractors N.dollars 14 million.

The CEO said the council intends to build its solar power plant to become self-sufficient and generate revenue.

Source: The Namibia Press Agency

Addis Ababa: The long standing and historical ties between Ethiopian and Korea should be further strengthened through cities partnership in exchange and investment, Ethiopia’s Ambassador to South Korea, Dessie Dalkie said.

Ambassador Dessie Dalkie met with Kim Doo-gyeom, Mayor of Ulsan City, one of Korea’s most important manufacturing and industrial city.

During the discussion, Ambassador Dessie said that Ethiopia and Korea have long standing and historical ties that should be further strengthened through cities partnership in exchange and investment.

The ambassador also asserted that creating partnerships between Ulsan and cities in Ethiopia will be an opportunity for both nations to deepen their amicable historical lies and progress together, according to Embassy of Ethiopia in Seoul, South Korea.

He urged the mayor to encourage companies in Ulsan to invest in Ethiopia as well.

Ulsan Mayor Kim Doo-gyeom, on his part said that his office will consider establishing exchange and investment partnerships be
tween Ulsan city and Ethiopian cities.

The mayor emphasized Ethiopia’s strategic significance in exporting products such as Hyundai cars to the African market.

He pledged that his office will closely collaborate with the Embassy to encourage companies in Ulsan to invest in Ethiopia and gain access to Africa’s huge market.

Ambassador Dessie visited Hyundai Motors Company and Hyundai Heavy Motors during his work visit to Ulsan city.

Source: Ethiopian News Agency