Australian InvestorsFortescue Metals Group Ltd, an Australian company, has shown its interest in investing in Ethiopia’s power sector.

Representatives of the company on Thursday, September 17, 2020, held discussion with Dr Seleshi Bekele, Ethiopia’s Minister of Water, Irrigation and Energy.

The company expressed its interest to generate a total of 25 gigawatts of power (15GW from hydropower and 10GW from geothermal) at a cost of $10 billion.

Speaking at the meeting, Dr Seleshi said “this is a big opportunity for Ethiopia.”

The government of Ethiopia has recently introduced a reform to improve electricity access in the country, which currently stands at 45%.

The nation has a plan to increases access by developing clean and renewable energy, financing the sector, involving the private sector and building strong institutions, he said.

Read More At: https://africabusinessnetworking.com/australian-company-to-invest-in-ethiopias-power-sector/

Ethio Djibouti RailwayThe Ethiopia-Djibouti Standard Gauge Railway has recorded an over 51 percent increase in revenue during the first half of 2020 despite the difficulties brought by the COVID-19 pandemic.

Ethiopia-Djibouti Railway stated that its revenue had increased 45 percent in 2019 as compared with its maiden year in 2018, while its income also climbed by 51.38 percent in the first-half of 2020 as compared with the same period of 2019 despite the difficulties brought by COVID-19 pandemic, it was noted.

The railway had in August also commenced the refrigerated train service, by which the Ethiopian fruits and vegetables will be sold to Europe and other parts of the world.

The Ethiopia-Djibouti railway presently provides different kinds of freight services including the transportation of perishable goods, vehicles, cereals and fertilizers at Indode, Mojo, Adama, and Nagad stations.

Read More At: https://www.fanabc.com/english/ethiopia-djibouti-railway-revenue-increases-by-51-pct-in-six-months/

Serbia AmbassadorSome Serbian investors have shown keen desire to invest in Ethiopia in the field of agriculture in particular, the country’s ambassador said.

In an exclusive interview with ENA, Ambassador Aleksandar Ristic said Serbian companies are eager to engage in Ethiopia in different spheres, including in agriculture.

“Serbia has a number of agricultural companies that are very developed and with very skilled people in the sector, particularly in the field of production of seeds. We are aware of the need for seeds in Ethiopia and established contacts between our countries and companies in this field,” he elaborated.

Furthermore, there are other companies interested in joint ventures and producing seeds here in Ethiopia.

According to him, the reforms in the past two and half years in Ethiopia are impressive.

Apart from the ongoing economic and political reforms, major steps have been taken to make Ethiopia conducive for foreign investment, Ambassador Ristic said, adding that “we are therefore encouraging Serbian companies to come here and invest in different sectors.”

See more at: https://www.ena.et/en/?p=16944

World BankThe World Bank Group’s Board of Executive Directors approved 80 million USD grant to support the government of Ethiopia to boost agricultural productivity and enhance market access for smallholder farmers.

The additional financing will help to address the existing challenges and is key to ensuring that Ethiopia’s agricultural sector reaches its full potential, according to a press release issued by the Bank today.

The World Bank 2019 Poverty Assessment agricultural growth was a key driver of poverty reduction over the past decade for Ethiopia, the Bank said, and noted “additional financing for the Second Agricultural Growth Project (AGPII) will further increase the economic potential of Ethiopia’s agricultural sector”.

Senior Agricultural Specialist at the World Bank, Vikas Choudhary said “AGPII has made notable contributions to poverty reduction in Ethiopia. The project has been delivering solid results on the ground, especially in increasing productivity and enhancing commercialization.”

See more at: https://africabusinessnetworking.com/wb-approves-80-mln-grant-to-support-ethiopia-to-boost-agro-productivity/

Inauguration Factory for Covid 19 Testing KitsPrime Minister Abiy Ahmed has inaugurated the factory of commercial production of Covid-19 Polymerase Chain Reaction (PCR) diagnostic testing kits both for domestic and export market.

The factory was built in Bolle Lemi industrial park in collaboration with the government of Ethiopia and the Chinese Company, BGI Health Ethiopia with a priority to African countries and Ethiopia’s domestic demand.

The factory could produce 10 million test kits annually while the country`s overall COVID-19 laboratory tests reached over 1 million people so far.

Commencing the factory today, Prime Minister Abiy Ahmed said alongside production of testing kits, it will also provide commercial laboratory services for a total of 3 million transit passengers at Bole International Airport and in Addis Ababa city.

“This will boost the testing capacity of Ethiopia and other African countries,” Abiy stated.

Citing the ever-rising capacity of testing COVID-19 in Ethiopia, the Premier said in a short period of intensive works, the testing capacity of Ethiopia becomes 3rd in Africa.

See more at: https://www.ena.et/en/?p=16877