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An Eventful Year Economic Highlights

Forex and power shortage This year was particularly cruel to Ethiopia’s foreign trade sector. A diminishing global demand and price for Ethiopia’s primary export commodities destined for the international market has continued the sort of dry spell that Ethiopia’s foreign trade sector has been experiencing in the past three years. This has a direct impact on Ethiopia’s export earnings and hence it foreign currency reserve.

ICL sues Ethiopian government at The Hague

The Israeli fertilizer giant, Israel Chemicals (ICL), which was involved in potash mine development project in Ethiopia, filed a law suit against the Ethiopian government at The Hague International Arbitration Court, The Reporter has learnt.

Europe to invest big in Ethiopia

EIB to avail 12 billion birr in loan European Investment Bank (EIB) is said to inject close to 12 billion birr in finances to local firms in a largest ever financing program designed by the bank to Ethiopia.

City cancels int’l bid to source cement locally

The Addis Ababa City Finance and Economic Development Bureau over the week instructed the city’s procurement agency to exclusively purchase cement from local producers, forcing the agency to amend its 1.7 billion birr international competitive bid.

Prominent agriculture expert passes away

Prominent soil scientist and former state minister of agriculture, Tekalign Mammo, (Prof.) who won the prestigious International Fertilizer Industry Association’s (IFA) Norman Borlaug Award, passed away of natural causes, his family announced on Wednesday.