Solve IT, a nationwide project which encourages Ethiopian youth to make contributions to their community and society through innovations in science and technology concludes its third round competitions.
Out of 2000 creative works, 4 of the 12 projects that were finally selected made it to the final round; receiving 400,000 to 100,000 ETB respectively.
The competition whichencourages the use of local innovative solutions and entrepreneurial approaches to address challenges in the society through training in business, mentorship, seed funding, investment networking, and bootcamp events saw the Heart Health Startup Company, grabbing first rank in the creative competition. Founders of the company, Dibora and Alebachew, explained that their innovative idea aids in the diagnosis for bone loss and infection which speeds up the treatment process.
“Our goal is to manufacture the diagnostic machines that Ethiopia imports at high prices and deliver them to medical institutions across the country at a discounted rate,” the founders underscored.
The International Polio Day was celebrated for the 11th time in Ethiopia with the guiding idea of “Let’s eradicate polio together”.
The International Polio Day which was organized jointly by the Ministry of Health and its pertinent polio partners, doubled down on the notion that coordinated efforts still need to be done to create a polio- free Ethiopia and Africa.
“Work is being done to eradicate polio worldwide and to provide access to vaccines to protect children from this disease,” the Ministry of Health revealed.
In June 2017, Ethiopia was certified wild polio (WPV) free status following the standard certification process conducted by the African Regional Certification Commission for Polio Eradication. Nonetheless, Ethiopia has remained at high risk for importation and circulation of Vaccine Derived Polio Virus (VDPV) and WPV due to high cross border population movement and low population immunity.
Recently, Ethiopia has been affected by several Type II circulating Vaccine Derived Polio Virus (cVDPV2) outbreaks during the period 2019-2022. As response to these outbreaks, the country has been conducting successful mOPV2 /nOPV2 supplementary immunization activities of cVDPV2 affected and nearby risk zones.
Dr. Paul Mainuka, the representative of the World Health Organization (WHO) asserted that, “The WHO will keep its promise until polio is eradicated from Ethiopia.”
As highlighted, the WHO Ethiopia has reaffirmed its commitment to the polio outbreak response assessment (OBRA) and has underlined to strengthen its work alongside the government and partners to support the implementation of the OBRA recommendations and to enhance the overall implementation of GPEI strategies.
Ethiopia has been implementing the main polio eradication strategies set by the Global Polio Eradication Initiative (GPEI) since 1996.
As stated in the panel discussion, 99.9 percent of the work done to rid the world of polio has been successful and it is known that efforts are being made to eliminate the rest of the disease from Ethiopia.
World Polio Day is a day often celebrated to provide an opportunity to highlight global efforts toward a polio-free world and to honor the tireless contributions of those on the frontlines in the fight to eradicate polio from every corner of the globe.
High flying financial powerhouse, Dashen Bank, reveals during its 30th regular meeting that its earnings for the concluded fiscal year increased by five billion birr. Furthermore, the bank’s foreign exchange mobilization has increased by 44 percent to more than USD 1 billion.
According to the bank, the financial year that ended June 30, 2023, was one complimented with enormous accomplishments. As per the annual report presented at the shareholders’ meeting, the bank’s total assets grew by more than 25 percent a year to reach 144.6 billion birr from the previous valuation of 117 billion birr, a year ago.
Dashen, as of the reporting period has 835 branches, which has increased deposit mobilization by 26 percent, or by an additional 23.6 billion birr, to reach 115 billion birr as opposed to 91.2 billion birr from the previous year.
Savings accounted for 58.1 percent of the total deposit mobilization, followed by demand deposits at 35.8 percent. The bank saw a year-over-year rise of 22.2 billion birr, or more than 28 percent, in loans, advances, and interest-free banking (IFB) financing to reach 100 billion birr in outstanding balances.
According to the annual report, the bank’s microcredit plan through Telebirr has enabled 981 million birr throughout the course of the year.
A further 2.2 billion birr in deposits have been raised by the banks for IFB activities, bringing the total to 8.1 billion birr, a rise of more than 37 percent. As reports show, Dashen is one of the most prosperous financial companies in the IFB sector.
In addition, the IFB finance increased by two billion birr, or 64 percent, to reach an outstanding 5.2 billion birr. The bank’s revenue during the 2022–2023 fiscal year increased by 39 percent to close at 18 billion birr, while its expenses increased by 41.8 percent to a total of 12.9 billion birr.
Asfaw Alemu, the CEO of Dashen, pointed out that minimizing the cost-to-income ratio is one of the strategies in the five-year plan, which was created in partnership with McKinsey & Co. that began this fiscal year. “This will be accomplished by implementing an effective and scalable operating model that is bolstered by advancements in digital and technological expansions,” Asfaw asserted.
The bank’s gross profit before tax for the year was five billion birr, a 32% increase over the previous year’s 3.8 billion birr. In a same vein, earnings after taxes increased by 22.6 percent this year to 3.56 billion birr, up from 2.9 billion birr the previous year.
With over 11.2 billion birr in paid-up capital, equity has increased by over 34% to reach 19.3 billion birr. The bank did particularly well in the area of foreign exchange creation, mobilizing USD one billion, a gain of 43.7 percent compared with the same period of the financial year that closed June 2022.
According to Asfaw, his bank’s market share is comprised of 11 percent of total deposits mobilized, 12 percent of assets, 10 percent of share capital, and 11 percent of profit before taxes.
As data concurs, one of the top three private banks in terms of capital, assets, and earnings is Dashen, which was founded in 1995.
The bank was also at the forefront of digital banking and the introduction of contemporary financial plans to the nation. In order to speed up investment in the export of agricultural products, the bank recently became the first private bank to intermediate USD 40 million from British International Investment and Dutch FMO.
The sudden bump in the price of bottled water products is as a result of demand of raw materials claim manufacturers while on the other hand, at the end of the chain, traders attribute the increase due to new rates of distributors.
In the past three weeks, Capital’s market survey has deduced that the price of bottled water products has increased by 5ETB.
Half a liter of water, which used to be sold at 10 birr, is now 15 birr, and likewise to other quantities that used to go for 25 birr has gone up to 30 birr. According to data, there are about 108 factories engaged in water production in the country. However, it is said that the number of those who are working in this space is constantly changing due to various reasons.
As Eyob Mengesha, Director of Daily Water Sales and Marketing, informed Capital, the price increase is due to the increase in raw materials and the revised excise tax rate.
On their end, Africa Water Producers claimed that, “All products have not been increased by more than one birr.” In addition to this, they underlined that the market price is beyond their control. Furthermore, they placed the blame on merchants who they claim get the profit far beyond any manufacturer.
On the other hand, Capital gathered from Arki Water that, “Arki has not made any price increase to the previous amount.”
As traders revealed, prices have gone up and in terms of cost of distribution, it has risen by 3 birr.
Along the price chain, sources that Capital spoke to in regards to the distribution cited that the price increase was due to various causes including the increase in fuel costs. They pointed out the cost was increased to compensate for the same when sold to traders, but they were reluctant to reveal the increase in price points.
As Ashenafi Merid, Ethiopian Beverage Manufacturing Industries Association Manager, informed Capital, there has been an increase in the price, and stated that, “The plastic bottles are made from oil by-products, due to the global increase in oil products, the high excise tax, and the lack of loans for the manufacturers to operate, price adjustments have been made to en-capsule the same.”
In addition, the manager of the association said that since the unjustified price increase in the market is exaggerated, he has submitted a request to the relevant parties to control it, and is awaiting action to be taken.
Capital’s efforts to get information about this matter from the Minister of Trade and Regional Connections were unsuccessful.
