Meta Abo Brewery, a Diageo subsidiary, with senior executives from Sebeta Ketema Football club, announced they will be signing a contract for a sport sponsorship agreement with the football club at intercontinental hotel. At the press conference, the company’s Public Policy and Regulatory Affairs Manager Dagmawi Shewangezaw said, “the sponsorship is part of our continuous support to the Sebeta community and the growth of sport in Ethiopia.” The sponsorship is worth a total amount of 18.5 million birr throughout a four-year contract. The first-year budget is 3.5 million birr, followed by 3 million birr on second year, third year 4 million birr and 4 million birr for the final year. Each year, Meta Abo brewery will also handover different fan club items which are then going to be sold by the club to further support the Sebeta ketema Football club and the fans. The in-kind support will also continue throughout the rest of the 3 years of sponsorship and is estimated to be 4 million birr. The first phase of the sponsorship will be invested on maintenance work of the club’s playing field. Meta Abo Brewery will ensure the field is maintained properly including the earthwork excavation, fertilizer placement, seeding and grass maintenance. Meta Abo Brewery’s Public Policy and Regulatory Affairs Manager, Dagmawi, in his interview, said “As the Ethiopian Premier League has grown in popularity, we have been closely looking at the growing fan base, drive and passion that Ethiopian people have towards Football, and this is a good opportunity to support not only the Sebeta ketema Football Club but also the Ethiopian Premier League to the fulfillment and Joy of passionate supporters all over the country.”
The Sebeta Ketema Football Club Super Intendant, Behanu Bekele, said “the support of Meta Abo Brewery S.C. came just at the right time and, we believe, the sponsorship will help the team to grow and become a contender to the premier league title.” Meta beer is one of the most iconic brands in Ethiopia with great history and deep heritage around the Sebeta community. For years, the relationship the brand built with the community and the different community projects to give back to the society is something Meta is very proud of. The Water for Life project that provides clean water for all living around the brewery, the community School class room expansion, the road construction around the brewery and the shed construction to support the youth are some of the projects that are helping the brewery to further strength partnership with the community. The first phase of the renovation of the Club’s stadium has already started this month and is scheduled to be completed within two months.
Meta Abo Brewery partners with Sebeta Ketema Football club
Buckle up
Despite fewer vehicles in the road (about one million) road traffic accidents are the cause of significant loss of human and economic resources in Ethiopia. The Ministry of Transport with other partners held a month long awareness creation in different parts of the country to lower traffic related accidents. Yesterday, December 7, in the presence of Deputy Prime Minister Demeke Mekonen and Minister of Transport Dagmawit Moges (L), the Ministry held discussion with various stake holders on how to tackle the grave problem at the United Nation Conference Center.
Kindu Gezu to lead new navy
1,000 army officers sent to Russia for training
Brigadier General Kindu Gezu, who is leading the reestablishment process of the Ethiopian Naval Force, has been promoted to the rank of first chief commander of the army, which will be headquartered at the West Command of the Defense Force in Bahir Dar.
A reliable source said that Brigadier General Kindu would become the first head of the new navy.
Brigadier General Kindu is one of the 38 high-ranking military officers that former President Mulatu Teshome bestowed military ranks to in September 2016. He was one of the 25 army colonels promoted to the rank of Brigadier General at the time.
Sources said that he will lead the new army division from the base at West Command also known as ‘Mekod’ at Bahr Dar, the lakeside regional capital of Amhara Region.
Before coming to lead the re-formation of the navy Brigadier General Kindu led Hayelom Araya Military Academy and Staff College.
In the reborn of the Ethiopian navy, which is projected to become a strong force in the region, France is providing support including trainings for personnel.
Sources also stated that 1,000 army officers selected from different divisions of the army have been sent to Russia for naval training.
Rear Admiral Yehualashet Girma was the last commander of the navy before the downfall of the Derg Regime back in 1991. He served in the post from 1989 to 1991 after Rear Admiral Tesfaye Berhanu was imprisoned for his involvement in the 1989 coup.
Capital reported last week that Ethiopia has already decided to establish the navy in Djibouti, while in the future it might have more bases in the region.
Currently the formation process of the navy is underway in Addis Ababa. The leaders of the two countries Djibouti and Ethiopia have talked about establishing the base in Djibouti which hosts about six foreign forces including the USA, China, Japan, Italy and France.
Recent reports also wrote that Ethiopia is also seeking to purchase weapons worth more than 4 billion Euros from France on a long term credit basis.
The credit shopping list includes 12 combat aircraft, 18 helicopters, two Airbus manufactured military transport aircraft, 10 unmanned combat drones, electronic jamming system and 30 M51 missiles capable of hitting a target at 6000 kilometers.
Cash shortage stifles banks
Financial firms are informally mobilizing capital to stabilize their liquidity crunch.
People thought that banks’ liquidity would improve after the National Bank of Ethiopia (NBE) stopped requiring them to buy 27 percent of every loan disbursement.
However, this has not been the case as sources report that banks including the public, Commercial Bank of Ethiopia (CBE), are experiencing a liquidity crunch. These sources report that the situation has pressured financial institutions (including the state-owned bank) to informally approach their corporate clients to get cash.
A head of one financial firm confirmed the lack of liquid assets to Capital. “In the recent past there has been a high demand for cash and banks have actively worked to meet the needs of their customers but this has led to a cash flow problem,” the bank president said.
In addition, this time of year is when corporations settle their taxes and as a result take money out of banks to pay the government.
“Billions of birr in taxes flow to the government around this time, as a result banks face a liquidity crunch,” a banker said.
Experts in the financial industry think that even though NBE started the Treasury bill at an attractive interest rate that follows the market economy with the goal of attracting financial firms like banks and insurance companies, sources said that banks will not get involved in this right now.
As of this Wednesday December 4, NBE has rebooted the weekly T Bill market with an attractive interest rate with the goal of attracting the attention of banks that had participated once in a while in the weekly auction because the rate was very minimal.
“Even though it has launched the market based modern T Bill, I doubt banks participate in this week’s auction because of their liquidity shortage, in the future when they have a high amount of liquidity the T Bill will be a good option for them,” another bank president told Capital.
Currently bankers are busy mobilizing sufficient liquidity instead of participating in the bill market (primary market), which is considered the way to commence the secondary market. “Currently we (every bank) are focusing on convincing corporate customers to deposit cash in our banks, but when we have enough liquidity we shall go on the Central Bank bill,” he said.
On the way to modernizing and transforming the financial sector the government is undertaking several changes including lifting the NBE Bill and introducing attractive T-bill s, which financial firms applaud.
