Friday Briefing: Business News Update

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Dashen Bank  to start working with Tunisian Company 

Dashen Bank has signed an agreement with Thunes, a leading global payment network to make it easier for its customers to receive remittances from around the world.

The system will allow customers to receive remittances in person without having to go to the branches in person, directly through their Dashen Bank account and bar wallet.

Tunisian company, on his part, said that we would like to work more closely with Dashen Bank regarding foreign exchange services.

The Great Ethiopian Renaissance Dam (GERD) to start pre-power generation in one month

The Great Renaissance Dam will start generating 700 megawatts in a few months. Ethiopia will generate electricity from the first round, which is expected to increase the country’s electricity supply by 14 percent.

In addition to the ongoing negotiation “We believe that the negotiations between the three countries through the African Union regarding the Grand Ethiopian Renaissance Dam will yield results,” said Michael Apton, New Zealand’s Ambassador to Ethiopia and the African Union.

The country plans to provide financial support to the African Union to achieve the goal of zero carbon emissions in the future, noting that Ethiopia is one of them.

Safaricom plans to start operations in Ethiopia on course

Safaricom Ethiopia PLC, a subsidiary of Safaricom PLC,  is already setting up operations ahead of the commercial launch scheduled for mid-2022 even while the telecom’s breakeven targets may be impacted by the current conflict.

In addition to its agreement with the global telecom giant Nokia for its infrastructure development for its operation in Ethiopia.

It is also finalizing the negotiation with the Chinese global telecom giants Huawei.

He said his country plans to provide financial support to the African Union to achieve the goal of zero carbon emissions in the future, noting that #Ethiopia is one of them.

Food prices are forecast to decline in the next three months.

The Central Statistics Agency announced October inflation based on its monthly inflation data. Overall, inflation fell from 34.8 pc last month to 34.2 pc in October, the agency said.

The increase in grain prices this month is relatively stable, with rice, teff, and wheat showing a slight decline.

Meat, milk, cheese, and eggs, spices (mainly salt and pepper) have also declined slightly, the agency said.

Monthly food inflation in October 2021 decreased by 1.3 percent compared to September, while non-food inflation remained stable, according to the Central Statistics Agency.

A loan is now available for Khat Exporters

The recent loan amendment is now inclusive of Khat exporters following the order given to banks to give loans to Khat exporters from NBE.

Of the 3.6 billion dollars exported last year, Khat accounted for 11 pc, as far more than a decade of experience in exporting khat.

It’s also believed it would allow them to make more payments faster.