Archive for August, 2010

Aend-Ethiopia Interview with Kibirt Zenebework Aregaw on Her 80th Birthday Anniversary 08-28-2010, Washington, DC.

Chinese bank to fund Addis Ababa’s Light Railway Network
By Yohannes Anberbir

The Export and Import (EXIM) Bank of China reached an agreement with the Ethiopian Railway Corporation (ERC) to finance its Light Railway Network project in Addis Ababa, a high government official who requested anonymity told Capital. Read the rest of this entry »

VANCOUVER, BRITISH COLUMBIA, Aug 19, 2010 (MARKETWIRE via COMTEX) — Africa Oil Corp. /quotes/comstock/11v!aoi (CA:AOI 1.10, +0.01, +0.92%) (“Africa Oil” or “the Company”) is pleased to report that it has received Ministerial consent in connection with the previously announced Farmout Agreement with Agriterra Ltd. (formerly White Nile Ltd.) and the deal has now closed. Under the Farmout Agreement, Africa Oil Ethiopia B.V. (“AOEBV”), a wholly-owned subsidiary of Africa Oil, has acquired an 80% participating interest in, and operatorship of, the South Omo Block in Ethiopia. Read the rest of this entry »

APA-Addis Ababa (Ethiopia) Ethiopia has obtained around $780 million from remittances from Ethiopians in the Diaspora in the past ten months, the Ethiopian National Bank said here on Tuesday.

According to the bank, this year’s earnings from remittances exceed that of last year by about nine per cent.

An estimated one million Ethiopians are estimated to live outside their country, mostly in the United States and Europe.

The bank said that the amount of remittances Ethiopia is getting each year is on the rise, especially since the past three years.

“We have enforced a new legislation allowing the Diaspora to have saving accounts in US Dollars, which is encouraging many citizens to do so,” said the bank.

However, according to available information, Ethiopia is getting lower remittances than other neighbouring countries, such as Kenya and Egypt.

In 2007, Kenyans in the Diaspora had sent home nearly 1.6 billion dollars, achieving a per capita remittance of 42 dollars.

Ethiopians on the other hand sent home only 359 million dollars, with a per capita remittance of only four dollars, according to a United Nations report for 2009.

However, 1.2 billion to 1.5 billion dollars was remitted to Ethiopia through the non-banking system.

Ethiopia is expecting the remittances to rise to around one billion in the next few years.

World’s Oldest Person Dies in Ethiopia on Sunday August 8, 2010

Ethiopian and the US Export-Import Bank Sign $1.6 Billion Agreement – 10 August, 2010
Ethiopian Airlines and the Export-Import Bank (Ex-Im Bank) of the United States have signed an agreement worth over $1.6 billion to support the financing of five B777-200LR and ten B787-8 aircraft and General Electric spare engines.

At a ceremony held at the 9th African Growth and Opportunity Act (AGOA) Forum in Washington DC on August 02, 2010, the financing documents were signed by Ethiopian Airlines CEO Girma Wake and Ex-Im Bank Chairman and President Fred P. Hochberg. The magnitude of the transaction represents the first of its kind for the support of the African aviation industry. Read the rest of this entry »

Ethiopian-Americans ADHOC for Democracy

Aend-Ethiopia Interview with the organizers of the peaceful demonstration on August 5, 2010 Washington DC, in support of Ethiopia, its use of the Nile, fight against terrorism and the democratic process in Ethiopia.