Addis Ababa June 29/2017 Ethiopia and European Investment Bank (EIB) have signed a 70-million-Euro loan agreement today.

State Minister of Finance and Economic Cooperation, Admasu Nebebe, and European Investment Bank Vice President Pim Van Ballekom signed the agreement.

The proceeds from the loan will be used to increase access to finance small and medium enterprises (SMEs) in Ethiopia that operate in manufacturing and agro-processing industries by establishing a credit facility that provides access for finance for leasing and working capital.

A press release of Ministry of Finance and Economic Cooperation said the flow of funds will involve the Development Bank of Ethiopia, financial institutions and beneficiaries.

SMEs will be provided with toiled business development services to address issues of developing bankable business plans, quality of finance records, managing risks, business development and management.(ENA)

Ethiopia’s Prime Minister Hailemariam on Thursday inaugurated the country’s newest cargo terminal, built at a cost of €110 million.Meanwhile, Group CEO Ethiopian Airlines Tewolde Gebremariam has said the new cargo terminal, which is the largest in Africa, will put Ethiopian among the 10 world’s best airlines in cargo and logistics services.

Speaking on the occasion of the inauguration ceremony, the Ethiopian prime minister called on other African airlines to join hands with Ethiopian airlines to address bottlenecks of the air cargo industry in the continent.

According to the premier, the new cargo terminal will have an immense role in boosting the country’s export of footwear, leather and pharmaceuticals, as well as horticultural produce.

Built on 40,000 square meters of land, the new cargo terminal has facilities such as dry cargo terminal warehouse, perishable cargo terminal with cool chain storage, office building, apron area which accommodates five additional big freighter aircraft and a large truck parking apron.

It is also fitted with different climate chambers for the storage and handling of temperature-sensitive products such as fresh agricultural products, pharmaceuticals, life science products, among others.


The new terminal will raise Ethiopian’s cargo and logistics services to an annual 1 million tonnes.

Ethiopian cargo and logistics services operate eight dedicated freighters to 39 global freighter destinations in Africa, the Gulf, the Middle East, Asia and Europe.

The airliner has recently won ‘Cargo Airline Award for Network Development” at Brussels; ‘African Cargo Airline of the Year’ award.

By Alex Malanga
Dar es Salaam — President John Magufuli Wednesday met a delegation of electricity and dam construction experts from Ethiopia.

The delegatation was sent by Ethiopia's Prime Minister Hailemariam Desalegn on request from Tanzania, according to a statement from the State House released today.

The team was led by Ethiopia's water, irrigation and electricity minister, Dr Seleshi Bekele.

According to President Magufuli, the team was in the country to share experience in dam construction. Tanzania is eying a mega electricity dam in Stiegler's Gorge to produce over 2000MW of power. Ethiopia has recently constructed one of the largest dams in the region.

President said the government was committed in walking the talk on implementation a long held vision to establish the dam on Rufiji river falls. "We want to produce more out of Rufiji river falls... currently the country produces only 1,450MW," said Dr Magufuli.

He said the planned hydropower power project will act as a catalyst to the government's industrialisation drive.

Dr Bekele said Ethiopia which currently produces 4,300MW of power out of water falls plans to increase its production capacity to 17,000 by 2020.

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