The Minister of Finance and Economic Development, Sufian Ahmed, and Director General of BADEA, AbdellAziz Khelef, signed the agreement representing their respective institutions. ENA reported that the money would be utilized to support the construction of Sawla-Key-Afer electric power project to be executed in the South Ethiopia People’s State, according to the agreement. The project would help address electric power service to rural localities.

Speaking at the signing ceremony, Sufian said BADEA has been providing support for Ethiopia in various sectors, including road construction, electric power supply and water development for more than two decades. He said the project would be completed as per schedule. Speaking on his part the Director General of BADEA expressed his beliefs that the loan would support the efforts being made by the Ethiopian government to improve the socio-economic life of the rural people. BADEA has so far provided 104.73 million USD support for the development activities being executed by the government.

State offers 10,300 ha of land to 918 investors

Some 918 investors with an aggregate capital of over 5.7 billion birr have received more than 10,300 hectares of land in South Ethiopia Peoples' State, the state trade and industry bureau said. The investors received licenses during the past nine months to launch various projects in the state. The Public relations department representative with the bureau, Awgichew Workagegnehu, told ENA that the investors would engage in agriculture, hotels and tourism, as well as real-estate, among others. Some 10,000 hectares of the stated area of land has been given to investors engaged in agriculture sector. Over 600,000 hectares of additional area of land is reserved in rural towns to meet the ever increasing investment flow.

Company to establish new tannery

Crystal Tannery, a private business share company, announced plans to construct a leather processing factory at a cost of 100 million birr around Addis Ababa City. The Factory General Manager, Solomon Getu, told ENA that the establishment of the tannery aims at supplying finished leather products to the international market and enable the country secure foreign currency from exporting of the products. The establishment of the factory would also enable Ethiopia to efficiently compete in the European markets, he said. The new factory would create job opportunities to 470 people upon going operational, he said. The company is training individuals in the Ethiopian Leather and Leather Products Technology Institute (ELLPTI) in order to fulfill the skilled human power demand of the new factory, he said, adding that it would import up-to-date equipment from India with a view to producing quality leather products. Solomon commends the Ethiopian government for its efforts geared toward boosting the development of the leather industry. Despite the rich livestock resources, the country could not benefit best from the sector since the nation exports unprocessed or semi-processed leather products so far.

Construction of 127mln birr condos being speeded up

Half of the construction of some 1,650 condominiums launched in Jimma town at a cost of more than 127 million birr has already been completed, the Town’s Housing Development office said. The Office manager, Kefyalew Ayana, told ENA that construction of the remaining condos is also being speeded up. While going fully operational by the end of the current Ethiopian fiscal year, the houses are expected to benefit 1,650 people who are suffering from housing problem. He said more than 4,000 people, including 3,000 youths organized under associations, are taking part in the construction of the house.

State gives awards to outstanding individuals, institutions engaged in micro, small scale business

The Amhara State has awarded prizes to 434 individuals and institutions that registered outstanding performance in micro and small scale business activities. According to ENA, the individuals and institutions were awarded prizes for excelling their capital up to 2.4 million birr during the past 10 years. After handing over the award at micro and small scale business festival held in Bahirdar Town, the deputy chief of the state, Demeke Mekonen, said the awardees are exemplary to other individuals and institutions engaged in the sector. He said hundreds of thousands of youth have been benefiting from job opportunities created in micro and small business activities over the past few years. They are playing significant role to bring about development in urban areas, he added. The State trade and industry bureau head, Kassa Tekelebirhan, on his part said wide-ranging activities have been undertaken to develop the sector. The supportive body that played greater role in developing the sector also received the award.