Dire Dawa Dry Port Inaugurated to Streamlining Ethiopia’s Logistics Services

The Dire Dawa Dry Port and Terminal, built with the total outlay of 3.5 billion Birr inaugurated today in the presence of senior government officials.

The modern dry port is built to facilitate the activities of Ethiopia’s logistics service.

The port, which is also built on 34 hectares of land, is anticipated to play an important role in the overall economy by promoting domestic and foreign trade activities as well as maximizing foreign currency revenues.

Dire Dawa Dry Port has a terminal, warehouses, a three-story building offices, railway lines, and other vital facilities.

As there is a shortage of warehouses in the horn African nation and it has made it difficult for cargo vehicles to move cargo fast, this inaugurated port would enable handling of more than 150 trucks on a daily basis.

Moreover, the port has also two warehouses that accommodate parking for 140 vehicles at a time as well as a railway connecting the port with the Ethio-Djibouti railway line.

Source: Ethiopia News Agency

Public Discussion Underway in Bahir Dar City as Part of Nat’l Consultation Forum to Consolidate Fraternity

Public discussions is being held with the residents of Bahir Dar, Amhara Regional capital as part of the ongoing national consultation forum across major cities of the country with a view to consolidating a long-existing fraternity among the people of Ethiopia.

The forum has brought senior government officials including Amhara Regional State Chief Administrator Yilkal Kefale, Minister of Transport and Logistics Alemu Sime, and officials from the city of Bahir Dar.

Speaking at the opening of the discussion, the chief administrator said that the forum will have a pivotal role to addressing problems that the nation is pragmatically facing in various aspects.

According to him, the government both at regional and federal level is working hard to ensure the overall benefit of the people through far-reaching reforms.

Tangible changes have so far been achieved in the spheres of political landscape, media freedom and agricultural productivity, Yilkal pointed out.

Minister of Transport and Logistics, Alemu Sime, said that institutions of the country are being restructured to put Ethiopia on a strong foundation.

The country has registered several grand achievements that lay the foundation for the nation’s prosperity, he added.

“Great works are being done in Ethiopia that will help to realize sustainable growth while we are going through challenges and enduring difficulties,” Alemu underscored.

Ethiopia has been carrying out several outstanding development activities that will help realize sustainable growth by overcoming the challenges encountered during the reform, the minister said noting that the nation was able to commence power generation from the Grand Ethiopian Renaissance Dam (GERD) by addressing the major bottlenecks that this mega project was facing.

Alemu stressed the need for conducting intensive discussion with all stakeholders and the public to ensure prosperity by overcoming the problems faced at various levels in Ethiopia.

Prime Minister Abiy Ahmed in his statement posted early in this morning underlined that it is important to understand the wrong deeds of the previous and the current fracture of the nation to help the country create a lasting solution and push to pursue the solutions with all determination.

Source: Ethiopia News Agency

CBE Secures 1.7 Billion USD From Various Sources in Six Months

The Commercial Bank of Ethiopia (CBE) announced that it has secured 1.7 billion USD foreign currency from various sources during the first half of current Ethiopian fiscal year.

Briefing the media today regarding the six months performance of the bank, CBE President, Abie Sano said the bank has earned 1.7 billion USD from various sources in six months.

The achievement is 111 percent of the plan for the stated period, he added.

CBE also has earned 58.7 billion birr revenue from various sources as it announced 13 billion birr profit during its six months performance.

Stating that the total asset of the bank has increased to 1.2 trillion birr, he added the total branches of the bank reaches to 1,879 with 55 new branches in the past six months.

Regarding to digital banking services, Abie said ATM card users reached 8.8 million as mobile banking users reached 6 million.

CBE collects 88.7 billion birr deposit which increased the total deposit to 978.8 billion birr from 890.1 billion birr last June, 2022, it was indicated.

CBE has managed more than 1.3 trillion birr payments using the bank’s various digital alternatives which cover 39.3 percent of the total transactions.

Source: Ethiopia News Agency

INSA Thwarts 15-Billion-Birr Loss Incurring Cyber-Attacks

The Ethiopian Information Network Security Administration (INSA) revealed that it has thwarted cyber-attacks which would have caused 15 billion Birr loss during the past 6 months.

Briefing journalists about the performance report of INSA, Information Network Security Administration Director-General, Solomon Soka, said 2,145 cyber-attacks were attempted.

Of these, 2,049 that could caused an estimated loss of more than 15 billion birr were thwarted.

According to him, cyber security vulnerability research was also undertaken on 64 institutions during the stated period.

Some 340 cyber security vulnerabilities were identified in the research conducted in the institutions (27 governmental and 37 private).

From among these, 97 were highly vulnerable, 154 medium vulnerable, and 89 low vulnerable.

When compared to same period last Ethiopian fiscal year, there is improvement of cyber security vulnerability of the institutions, the director general stated.

Security institutions, banks, financial institutions, education and medical institutions as well as the media were among the institutions targeted by hackers, it was learned.

Solomon stressed that institutions need to give due attention to cyber security, establish cyber security administration system, and work closely with INSA on the issue as well as implement cyber security legal frameworks.

Source: Ethiopia News Agency

Ethiopia Attracts about 2 Billion USD in FDI During Last Six Months

Ministry of Planning and Development disclosed that Ethiopia has attracted close to 2 billion USD in Foreign Direct Investment (FDI) during the last six months of this Ethiopian fiscal year.

This was revealed at the six-month performance evaluation of the major macroeconomic and sectors held in collaboration with the Office of the Prime Minister.

During the evaluation, it revealed that there is a need to continue the economic growth that is being registered by carrying out the activities that institutions have planned for the next six months.

Planning and Development Minister Fitsum Assefa explained that Ethiopia has been registering better progress despite the COVID-19 pandemic, the Russia-Ukraine war and domestic difficulties.

According to her, Growth of Domestic Product has enabled the country to rank third from among sub-Saharan countries by recording 126 billion USD.

Ethiopia’s economy is expected to grow by 7.5 percent in the current fiscal year, the minister added.

Noting that the productivity of agricultural crops is the basis for economic growth, Fitsum said 1.5 million jobs have been created in the last six months.

In the first half of the fiscal year, the nation has attracted nearly 2 billion USD in Foreign Direct Investment, according to the minister.

This shows 22.3 percent increment when compared to the same period last year.

Source: Ethiopia News Agency

Ethiopian Capital Market Authority to Issue License To capital Market Service Providers

Ethiopian Capital Market Authority announced that it is undertaking the necessary preparations to issue licenses to capital market service providers over the coming six months.

It is to be recalled that Ethiopia had approved Capital Markets Establishment Proclamation in 2021 to provide the legal foundation for the development of capital markets in the country.

Following the approval of the Proclamation, several activities have been carried with a view to create conducive environment for its implementation. As per the proclamation the government had established an institution and appointed leaders to start for its implementation.

The Addis Ababa Chamber of Commerce and Sectoral Associations has held a stakeholders’ consultation that was organized in collaboration with the Ethiopian Capital Market Authority and Ethiopian Securities Exchange under the theme “Ethiopia’s Capital Market”

Director General of the Ethiopian Capital Market Authority, Dr. Brook Taye said during the consultation that several activities were carried out to reorganize the Authority in order to implement the proclamation.

Accordingly, regulatory guidelines and directives have been prepared as per the proclamation, he said.

Works are also underway to complete the necessary requirements and criteria that need to be fulfilled by those who wish to join in the capital market activities and commence operation in the coming three to six months, the Director General stated.

The authority is exerting efforts to realizing the operationalization of the capital markets as early as possible.

President of the Addis Ababa Chamber of Commerce and Sectoral Associations, Mesenbet Shenkute said for her part that until recently Ethiopia has been one of the 40 countries who do not have capital market in the international capital market.

Capital market is very crucial to strengthen Ethiopia’s investment activities and economic development, Mesenbet said stressing the need to give due attention for the establishment of strong institutions and capacity building in order to properly tap its positive opportunities.

Capital market creates opportunity for investors and companies to engage in a new way of investment to raise funds by selling their shares and encourage private investment.

It will also play critical role in paving the way for emerging investors and companies to benefit from distribution of wealth.

Source: Ethiopia News Agency

Ethiopia Developing Transitional Justice Policy to Ensure Sustainable Peace, Reconciliation

Transitional justice policy document which is expected to contribute to sustainable peace, reconciliation and justice in Ethiopia has been developed, according to Ministry of Justice.

The document presented to media practitioners today was developed based on findings of a study conducted by experts with the view to soliciting inputs from relevant stakeholders.

The draft document comprises three main parts and the first looks into the history of transitional justice in Ethiopia and its relevance to the current situation.

The second part analyzes alternative policy options on a wide-range of mechanisms for the pursuit of transitional justice in Ethiopia.

The last part examines and proposes a range of institutional arrangements to implement transitional justice mechanisms in Ethiopia.

Transitional Justice Working Group Expert, Marishet Tadesse, said that Ethiopia has attempted to apply certain components of transitional justice on different occasions.

However, the absence of a holistic transitional justice framework rendered its efforts ineffective, incoherent, and largely fragmented, the expert stated.

“Ethiopia is going through various transitional periods. During those times, the country had tried to overcome the challenges and found solutions. But it has not yet brought about the sought results. More importantly, lasting peace, justice and democratic transition have not been achieved.”

Due to the current realities and socio-political polarizations in Ethiopia, Marishet underscored that the issue of transitional justice has become a pressing issue.

According to him, developing a comprehensive transitional justice policy is therefore imperative for the country to consolidate democracy and ensure sustainable peace in the country.

For the expert, transitional justice is considered as one of the best options to many countries attempting to transition from conflict or authoritarian rule to kick start democratization process and post-conflict re-organization of political systems.

Ethiopia needs to deal with its past and organize its future based on the pillars of justice, equality, human rights and inclusiveness.

Therefore, this policy will address human rights-based and victim-centered framework, including compensation for victims, drawing on the experience of other jurisdictions and considering Ethiopia’s socio-political context.

Another expert from Ministry of Justice, Addis Getnet said on his part that Ethiopia has witnessed conflicts, widespread human rights violations, social and political contradictions, and declining of social fabrics.

Therefore, transitional justice is a must to provide a sustainable solution for Ethiopia’s deep-rooted problems by ensuring democratization and lasting peace

“Implementing a transitional justice is imperative. That is why this transitional justice document has been developed to thwart authoritarianism, contribute to the consolidation of democracy, and facilitate the move to a stable and affluent society based on equality, justice, reconciliation and respect for human rights and freedom.”

This transitional justice policy would also include a prosecution process that seeks to punish gross human rights violations, including war crimes, crimes against humanity, and other grave crimes, it was learned.

A wide-range public consultation forums will be prepared on the policy options for transitional justice before it becomes effective.

Source: Ethiopia News Agency