Ethiopia New Currency notesAddis Ababa, September 14/2020(ENA) Ethiopia today unveiled new currency notes reinstating the existing Birr note, according to Office of the Prime Minister.

The office announced that the new currency notes include Birr 10, 50 and 100 denominations, with an additional introduction of a new 200 Birr note.

The move will help to curb illicit money transfer, counterfeit and contrabands, the office indicated.

Enhanced security features on the new notes aimed at making them more difficult to counterfeit, it was learned.

Recently, the National Bank of Ethiopia (NBE) issued a new directive that bans persons and companies from keeping over 1.5 million Birr in cash out of banks.

The objectives of the directive are to prevent illegal money circulation and strengthen legal transaction as well as protect notes from damage, among others.

According to the bank anyone who deposits more than the stated amount of money anywhere out of banks will be accountable and punished as per the regulation.

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Ethiopian New Year 2013The New Year is the new beginning of new ventures and new projects. Ethiopia is among the few fastest growing economies in the world, and thus the country has now become a preferred foreign direct investment (FDI) destination in Africa.

Ethiopia takes the leading position in East Africa and ranked 5th on the continent in attracting foreign direct investment. It is crystal clear that Ethiopia has a wide variety of untapped resources and huge investment potentials in manufacturing, agriculture, agro-industry, mining, tourism, and other service sectors.

With a view to attracting more foreign direct investment (FDI), state-of-the-art industrial parks have been constructed by the Government and private developers across the country.

In this special celebration of Ethiopian New Year, Ethiopian Investment Commission (EIC) wishes all a very Happy Ethiopian New Year. May the New Year bring you all happiness, peace, and prosperity.

Smart companies invest in Ethiopia!

EIC PR Directorate

Ethiopia Airline NigeriaEthiopian airlines has linked Nigeria to its global network of over 70 destinations from September 7, 2020.

Cities that are open for flights of the Ethiopian Airlines include Toronto, Washington DC, Chicago, Newark, London, Paris, and Manchester.

Flights will commence from Abuja on the 7th and Lagos on the 8th.

Abuja will be served with the Airbus A350 every day while Lagos will be served with B777 Aircraft four times weekly.

During the Lockdown Ethiopian Airlines handled evacuation flights from America on behalf the Nigerian government and also to America for the American government.

The Airline said it will be providing world class services to passengers while respecting the rules and protocols imposed by the countries.

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Ethio TelecomThe Government of Ethiopia has passed decision to issue licence to two winner international telecom companies that will hold 40 percent stakes of in Ethio Telecom.

While 40 percent of the stakes are to be transferred to two winning companies, 5 percent will be sold to Ethiopian nationals, it was learned.

Stakeholders have held discussion today with PM Abiy Ahmed to get input on the privatization process of Ethio Telecom.

Presenting a discussion paper at the workshop, Finance State Minister Eyob Tekalign said lots of work were carried out to improve the telecom sector which is part of the country`s homegrown economic reform.

Winner companies that take up the 40 percent share will be determined by a bid to be floated soon, he added.

Next, 5 percent stakes are going to be sold to Ethiopian nations and the remaining 55 percent will remain in the hands of Ethio Telecom.

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Hawassa Textile to Industrial VillageThe former Hawassa textile factory is set to become an industrial village with 2 billion birr additional investment.

The factory today launched an expansion project to facilitate its transition to Hawassa textile and industrial park. The project sees construction of 14 sheds.

State Minister of Trade and Industry, Ambassador Misganu Arega, Chief Administrator of Sidama regional state, Desta Ledamo, and other invited guests attended launching ceremony of the project slated for completion within 12 months.

Once the state-of-the-art technologies purchased with 500 million birr are installed, the Hawassa textile and industrial park will start production after 3 months.

The industrial park exports 90% of its product overseas and is expected to create jobs for 35,000 people when it fully goes operational.

The former state-owned Hawassa textile factory was privatized 3 years ago.

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