Derba Midroc Cement Plc, sign 351 million USD worth loan agreements

Derba Midroc Cement Plc and the international and domestic lenders singed loan agreements worth 351 million US dollars in Addis Ababa. According to the agreements, the African Development Bank (AfDB), International Financial Cooperation (IFC), European Investment Bank (EIB), and Development Bank of Ethiopia (DBE) will provide 200 million US dollars in loan to Derba Midroc.
The remaining 151 million US dollars will be obtained from the owner and sponsor of the project, Sheik Mohammed Hussein Al-Amoudi. The agreements were signed among the respective officials of the lender institutions and Sheik Mohammed Hussein Al-Amoudi. Signing the agreements, Sheik Mohammed Hussein Al-Amoudi said that the main objective of the project is to reduce the country's dependency on imported cement and to supply cement in abundant quantity. Director of Derba Midroc Cement Plc, Haile Assegide on his part said the participation of the international financial institutions will augment the capacity of the private sector to play a better role in the development of the nation.

Germany contributes 7.5 million birr humanitarian aid to Ethiopia

Germany contributes 7.5 million birr as humanitarian aid to drought victims in Siraro Woreda of Oromia State. The donation comes as a response to reports by the Disaster Prevention and Preparedness Agency and International Organizations about the food situation in some parts of Ethiopia due to insufficient rains and the resulting crop failure, Embassy of Germany.
The contribution, which will be disbursed through Medecins sans Frontiers (MSF), will be used mainly to improve the health and nutrition situation of children under five and pregnant and feeding mothers. The donation will be deployed partly for the purchase of plumpy nut and con-soya-blend and oil for people who suffer from severe acute malnutrition, while another part will be used for medical equipment, medicines and health care. The German Ambassador, Dr. Claas Dieter knoop, expressed his hope that the donation will help to alleviate the situation in the region.

State to plant 76 million tree seedlings

The Tigray State has been making preparation to plant 76 million tree seedlings, the state agriculture and rural development bureau.Jatropha plant seedlings, which are used for an input for food and petroleum, are among the types of seedlings readied for plantation. The state last year planted over 57 million tree seedlings of which 64 percent sprouted.

AU closely following situation in Zimbabwe: Statement

The Chairperson of the African Union (AU), Jean Ping is following the latest development in the situation in Zimbabwe, including the decision made by Zimbabwe Opposition Candidate, Morgan Tsvangirai to pull out of the second round of the president election scheduled for 27 June 2008.
The increasing acts of violence in the run up to the second round of the presidential election are a matter of grave concern to the AU commission. The chairperson of the commission has initiated consultation with the current AU Chairman, the chairman of SADC, the SADC mediator, and other regional leader to determine how best the AU could assist in addressing the current situation
The chairperson stresses the need for all Zimbabwean stakeholders to exercise restraint and reiterates his call for an immediate end to all acts of violence. Ping also urged all Zimbabwean parties to work together to overcome the challenges facing their country in this critical phase of its history.

Ethiopia makes headway in government effectiveness: WGI

The 2008 updated version of Worldwide Governance Indicators (WGI), compiled by World Bank researchers, showed that Ethiopia is one of the countries that have witnessed government effectiveness.
WGI defined government effectiveness as the quality of public services, the capacity of civil service and its independence from political pressure; the quality of policy formulation. Over the past decade from 1998-2007, countries in all regions have shown substantial improvements in governance, even if at time starting from a very low level.
According to the indicators Ethiopia is one of the countries that have made headway in government effectiveness. Afghanistan and Serbia are the other countries under the category.
The WGI said Ghana, Indonesia, Liberia and Peru shown improvements in Voice and Accountability; Rwanda, Algeria and Angola in Political stability and Absence of Violence/ Terrorism; Georgia and the Democratic Republic of Congo in Regulatory Quality; Tajikistan in Rule of Law; and Liberia and Serbia in Control of Corruption. "Some countries are making rapid progress in governance, including in Africa, showing that a measure of Afro-optimism is called for" the statement quoted Daniel Kaufmann, co-author of the report and director of Governance at the WB institute as having said.

Meles meets with Dutch Defense Minister

Prime Minister Meles discussed with the Netherlands Minister of Defense Eimert van Middelkoop on various issues in the Horn of Africa. The discussion particularly focused on the current situation in Somalia, and Darfur. During the discussion Prime Minster lauded the Netherlands effort of escorting ships transporting humanitarian aids being supplied by World Food Program to Somalia. Meles said such cooperation from the Netherlands in preventing pirates from looting relief shipments should further be strengthened, senior government official who attended the discussion told journalists.
Ethiopia will encourage the initiative being undertaken in Somalia to resolve differences in the country in peaceful manner. The two parties have also discussed on ways of garnering support of international community for the ongoing peace process besides strengthening the African Union Peacekeeping mission in the country. Eimert van Middelkoop on his part said he held fruitful discussion with Prime Minister Meles on various issues in East Africa. The minister will be heading to Sudan after concluding his stay in Ethiopia.

NIB International Bank opens its 40th branch

Nib International Bank S.C. opened its 40th branch in Addis Ababa around Bole Mdehanealem area named Bole Medhanealem Branch on June 28, 2008.
On the inauguration ceremony, Amerga Kassa, president of the Bank welcomed invited guests and introduced the agenda for the occasion. Lemma H/Giorgis, chairman of the Board of Directors' explaned that the Bank has been contributing to the enhancement of savings and investment in the country.
According to Lemma, in an effort to expand banking services in the country, NIB has been aggressive in branch expansion in the 2007/08 budget year. Accordingly, the Bank managed to open twelve new branches during the financial year. Among these, six Raguel, Kotebe and Bole Medhanealem. The remaining six branches are opened in different regions. These are Bahir Dar, Dessie, Harrar, Embdibir, Metema Yohannes and Aweday branches.
The Bank has a plan to keep on its branch expansion actively in the next budget year based on thorough market studies.(Press Release)