The Ministry of Health, the Embassy of France to Ethiopia and to the African Union, the Delegation of the European Union to Ethiopia and Expertise France have delivered a first batch of medical equipment at Dessie Hospital to support the resumption of essential health care in the Amhara region.
The equipment handover ceremony will be attended by representatives of the Minister of Health in Ethiopia, the Ambassador of the European Union to Ethiopia, Roland Kobia, and the Ambassador of France to Ethiopia and to the African Union, Rémi Marechaux.
The first medical equipment handover will strengthen health recovery initiatives in Ethiopia and represents the starting point of a project aiming to provide support to ongoing stabilization efforts in the country. The project is jointly funded by France and the European Union for a total amount of 5 million euros. It is implemented by Expertise France, the French public agency for the design and implementation of international technical cooperation projects, in collaboration with the Ministry of Health, Amhara Regional Health Bureau, and Dessie’s Hospital medical staff. This joint initiative will seek to promote the resumption of essential service provision for conflict-affected communities in Ethiopia.
Rehabilitation and re-equipment of Dessie’s hospital
Valencia Marathon will be aiming for an outstanding performance in today’s race
The organisers hope that the elite athletes will be able to shine and achieve their goals
The debut of Letesenbet Gidey is the most anticipated event of the day. In the men’s field, world champion Tamirat Tola and debutant Alexander Mutiso stand out
The 42nd Trinidad Alfonso Valencia Marathon expects to have an “outstanding race” next Sunday in terms of elite sporting results, for which it has prepared a start list with many important names among which Letesenbet Gidey, a debutant in the distance, stands out.
This was explained by Paco Borao, race director, who pointed out that “from the organisation we want everything to go as planned, because the show is given by the runners”. “We prepare the base, the circuit, so that the runners can show off in the streets of Valencia”, and he has assured that the objective is “to make an outstanding race” and “to have everything ready so that the records can be achieved”.
Marc Roig, international elite manager of the Valencia Marathon, confessed that “every year it is easier to convince athletes to come and run the Trinidad Alfonso Valencia Marathon, because everybody knows that Valencia is the City of Running. The hardest part is to choose which athletes will come”. And among the names to take note of for Sunday, he said that there are many, but of course the world champion Tamirat Tola and Letesenbet Gidey stand out.
At the official press conference, Swiss athlete Julien Wanders, who has already run several times in València, said that he hopes “to enjoy the race and improve my times”, after his first marathon “did not go as I expected, so I come back to Valencia having learned from my mistakes”.
Alexandar Mutiso, who is making his debut in the distance, is happy to be back in Valencia, where he was the hare last year, and he has pointed out that “this city has worked quite well for me and I have achieved good results. On Sunday I hope to do very well, although it is no longer a half marathon…. I will do my best to see how my body responds”.
Finally, Ethiopia’s Letesenbet Gidey will make her long-awaited marathon debut on Sunday. “I am very happy to be back in Valencia, for me it is a very special city where I have broken two world records: 5000m and half marathon. Now I’m going after the Marathon record”.
The athlete explained that she will decide on her strategy for Sunday tomorrow, but that she is confident in her training “to beat the record on Sunday”. “I hope I can do it here in Valencia”, she added, “since I broke the 5000m record in Valencia I feel at home in this city to keep on breaking records”.
Abay bank to sell new shares to the public
Abay bank prepares to inject and sell new shares to the public as it aims to increase its capital to 12 billion birr.
According to the bank’s annual report, the 2021/22 fiscal year generated a total income of 4.4 billion birr registering a 30 percent growth from the previous year. As indicated on the report, the financial firm has continued to exhibit significant year on year growth in profitability measures registering a gross profit of birr 1.3 billion for the 2021/22 fiscal year.
“The banking sector is changing from time to time with regards to regulations and the number of actors in the sector is changing and increasing. Foreign actors are also expected to get in to the sector,” said Wondifraw Tadesse, chief strategy and marketing officer of Abay Bank, adding, “Abay bank therefore needs to compete sustainably with these changes.”
The total recorded capital of the bank in the ended fiscal year was 5.9 billion where the paid up capital was 3.97 billion which showed a growth of 41 percent from the fiscal year 2020/21 after an injection of 1.16 billion birr by the shareholders.
“We want to make the bank owned by the greater public, hence the selling of the new shares,” said Wondifraw, adding, “There is a big interest among the public to acquire shares. Likewise, it is important to diversify our shareholders, which is important in the banking sector.”
The bank has so far about 4000 share holders.
In the year under review, the total asset of the bank has reached 40.7 billion birr showing 36 percent growth from the 2020/21 fiscal year which was 10.8 billion birr. As explained on the report, the loan and advances had been instrumental to the spelled growth in the total asset.
As of June 30, 2022, the bank’s total deposit stood at 32.4 billion showing an increase of 35 percent from 2020/21. During the year, an additional deposit of 8.5 billion birr was mobilized from both conventional and IFB sources.
Similarly, the deposit position, saving demand and time deposits attained a growth rate of 19 percent, 83 percent and 103 percent respectively.
The bank recruited more than 470k new customers of conventional and IFB service in the fiscal year attaining an annual increase of 39 percent to reach 1.67 million customers of deposit aggregate.
The outstanding loan that the bank has given to its customers has reached 27 billion birr of which 26.3 billion is said to be conventional while the remaining was provided through IFB customers.
As indicated by Wondifraw, the overall non-performing loan of the bank in the year has increased to 3 percent which was 1.5 in 2020/21.
The total expenses of the bank during the fiscal year have now reached 3.1 billion birr growing by 39 percent from last year.
According to the bank due to lack of western based correspondent banking relations, global economic slowdown, COVID 19 and ongoing conflict in the northern part of the country, the banks foreign currency mobilization slipped by only 18 percent from the previous year. Proportion of foreign currency mobilized from the export sector took the lion share by 74 percent followed by SWIFT transfer 18 percent and others 8 percent.
Additionally, as indicated by the bank due to the conflict in the northern part as of now about 25 percent or 70 of its branches are off from services. Nonetheless, during the year the bank has opened 87 new branches reaching 373 branches in total.
Trade ministry lifts sesame seeds price cap
The Ministry of Trade and Regional Integration (MoTRI) lifts the price cap which was re-imposed early this month for the trading of sesame seeds at the Ethiopian Commodities Exchange (ECX). The ministry disclosed that it will follow a flexible approach to manage the market.
The information that Capital obtained from sources indicates that the ministry has lifted the ceiling price for the oil seeds, which is one of the major hard currency sources from the agricultural export.
Slightly over a year ago, MoTRI which is responsible for the follow up of the export sector introduced price caps on the aim to tackle unfair competition on access to commodities at the trading platform of ECX.
Following the introduction of the caps, the ministry in consideration of the international market has been providing weekly upper caps on the prices for major export commodities such as oil seeds and pulses trading.
It can be recalled that MoTRI lifted ceiling prices for the commodities trading at ECX prior to this harvest season which mainly starts mid-October. At the time, it was stated that it lifted the cap due to the decline in hoarding. However, at the time experts had raised concerns that the decision would have an effect on the export business.
A few weeks ago, Kassahun Gofe, State Minister of MoTRI, told Capital that the ministry reinstated the price cap on sesame seeds due to price hikes occurring in the local trading against the global market.
He added that the main objective of the cap is to harmonize the price.
However as per the information Capital obtained this week, MoTRI has lifted the cap after a few weeks of re-introduction.
On Friday November 25, Kassahun told Capital that the ministry is following a flexible approach led by the market.
“We have lifted the ceiling and will take the market approach as per the evaluation of the parameters that we applied,” he elaborated, adding, “Our principle is similar and remains integral to ensure the smooth operations of the sector.”
He illustrated that when the cap was re-imposed about a few weeks ago, the price spiked to 12,000 birr per quintal for the Wolega type of the commodity and even higher price points for Humera.
“As per Thursday’s trading, the price of the commodity is between 9,000 to 10,000 birr per quintal,” he cited.
“If the price shall show increment extraordinarily we will impose the price cap,” he explained showing follow up cautionary measures.
“We have different modalities including contract and investment farming. In the investment farming, huge amounts of sesame seeds have been harvested, thus we are confident that the sector will operate smoothly,” he confidently stated, highlighting how the market will not be abused.
He said that the commodity is flowing in the market with export similarly running within the acceptable manner.
MoTRI is following the trading of 16 oilseeds and pulses that trade at ECX.
