Ethiopia report 10 2007

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ETHIOPIA

SPECIAL ADVERTISING SECTION

Ethiopia

The heart of Africa

Ethiopia’s new Millennium heralds an optimistic future for a country that is full of potential and wide open for business.

A

s it celebrates a new Millennium—it is the year 2000 according to the Ethiopian calendar—Ethiopia can also celebrate three years of double-digit growth, an open investment culture and a promising relationship with China, its preferred trading partner. The large, landlocked country in the east of Africa, has come a long way since a devastating famine thrust it into the world spotlight in the mid-1980s.

Prime Minister Meles Zenawi, a former rebel group leader who freed the country from communist rule in 1991, came to office via democratic elections in 1995 and now stands as one of the most important political figures in the region. Ethiopia’s economic performance, he says, is down to initiatives to improve productivity in small-scale farming and private sector-led urban growth. “We have been building up the infrastructure in rural areas in the health,

“We have worked with the private sector to improve product quality and productivity.”

Meles Zenawi, Prime Minister

education and telecommunication sectors. This has induced sustained growth in agriculture, which has boosted the development process throughout the country,” he says. “We have also worked with the private sector to improve the quality of products and productivity, to provide adequate infrastructural and government support services. The policies we have implemented will allow us to record impressive growth results for a few more years.”

Much of the investment has come from China, which, Prime Minister Meles notes, is massively investing in Africa’s future. He says: “We have been very receptive to this support and I hope the Chinese business community can recognize that there are good opportunities of

investment here, and that this government is fully supportive of those investors.”

More than 50 Chinese enterprises have already chosen to take advantage of Ethiopia’s businessfriendly climate, recording investments totaling Meles Zenawi, Prime Minister

U.S.$120 million so far. The Chinese are helping build hydro-powered dams and new roads, and are also involved in manufacturing and mining activities. A Chinesesponsored billion-dollar telecommunications program is also underway.

As Meles points out, a key element for creating an environment conducive to investors has been for the government to think like a stakeholder. He says: “All government agencies are instructed to do the paperwork quickly, because for an investor, time is money. Facilitating the life of the private sector is in everyone’s interests: the government, society in general, and the private sector itself.”

China has clearly put its faith in the Ethiopian government and the two nations are destined for a strong and mutually beneficial relationship. Sino-Ethiopian trade has grown exponentially, with the volume of trade reaching U.S.$560 million last year. Already around 10% of Ethiopia’s exports go to China, and the resource-hungry nation recently announced through H.E. Mr. Lin Lin, its ambassador in Addis Ababa, that it will double its imports next year. Ethiopia has also been given approved destination status—a major boon considering 100 million Chinese tourists per year will start traveling the world within a decade, according to predictions.

There is a sense of optimism throughout the country that the new Millennium represents a new era for Ethiopians. Minister of Finance and Economic Development Sufian Ahmed says: “We have managed our macroeconomic stability well, which gives the right signals to economic players. The main source of all our growth is still agriculture,

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most of which is household-based, and we have millions of peasants now making up the private sector.”

The importance of agriculture to the economy is huge—it makes up 45% of the country’s gross domestic product and represents 80% of exports. Furthermore, only 15% of the total landmass fit for cultivation is currently in use. Coffee is the most significant cash crop, while Ethiopia is home to some of the largest livestock resources in the world.

To increase sustainability, the Ministry of Agriculture and Rural Development has been encouraging diversification into sesame, new varieties of beans, chickpeas, lentils and spices, all of which are becoming important export commodities. State Minister Abera Deresa says: “The most impressive current development is floriculture. We never believed we had such great potential, but today, the flower business earns us about U.S.$1 billion a year.”

This unexplored potential could prove to be a goldmine for investors. For example, the livestock population is huge, yet the meat industry remains undeveloped. Leather, as a bi-product, would be of substantial quality if the technology existed. Horticulture remains unexploited, as does agro-processing, yet there are high-quality, organic products available at low cost. State Minister Abera says: “Interested investors will get the land quickly and easily and land taxes will be minimal. They will receive tax exemptions for three to five years, until enough income is generated, and equipment can also be imported duty-free.”

Ambo Mineral Water is one of the country’s emblematic agricultural products, a natural sparkling water currently enjoyed in Sudan, Kenya, South Africa, parts of the Middle East and the U.S. Although production is currently about 300,000 bottles a day—150,000 liters— the Ambo Mineral Water Factory would like to see an output of 140

The company achieved record profits last year of U.S.$8.8 million and maintains a strong commitment to its activities and system developments. Zewdu says: “Part of our strategy is to enter the European market, so we have Sufian Ahmed, Minister of Finance and Economic Development

already put in place the international quality standards we need to accomplish this.”

The future of sugar production in Ethiopia looks sweet too. “Our land productivity is one of the highest in the world, and we have one of the most conducive climatic conditions for its production,” Zewdu says. “We will need around U.S.$300 million-worth of foreign investment to accomplish our plans, but any willing partners can be assured of a high payback in as little as five years.”

Finance sector profits soar Thirteen years after it was liberalized, Ethiopia’s financial services sector is also performing well, with both private and government banks reporting immense profits last year. Although the sector is only open to Ethiopian players at present, Minister of Finance Sufian Ahmed notes how the private sector has benefited from the country’s economic growth, with 11 private banks now in existence. He notes that there is still much untapped potential. “The banks are limited to urban areas at the moment,” he says, “whereas if they reached rural areas, they would record much higher profits.”

The Commercial Bank of Ethiopia (CBE)—‘the largest financial institution in the Horn of Africa’—is already tapping the rural market.

CBE tripled its paid-up capital this year to over U.S.$0.45 billion.

“We never believed the flower business had such great potential, but today, floriculture earns us U.S.$1 billion a year.”

Abera Deresa, State Minister of Agriculture and Rural Development million bottles a year—more than triple the current number. General manager Girma Tadesse says: “We are securing about 85% of the market share and with expanded production, expect to grow our existing exports as well as enter new markets.”

The Metahara Sugar Factory is also expanding. As the country’s leading sugar producer, it is now planning to branch out into biofuels, producing ethanol from molasses which will be mixed with benzene to run cars under an initiative introduced by the Ministry of Mines and Energy. General manager of Metahara Sugar Factory, Zewdu Negat says: “Our annual production is 126,500 tonnes but we would like to be producing 350,000 tonnes within five years. We still require the facilities for ethanol production, but we will have the capacity to produce up to 50MW of electricity.”

This year, Dashen Bank, the top private bank, recorded profits of U.S.$133 million. Meanwhile, with capital amounting to more than U.S.$40 million, the United Bank recorded an all-time profit high of U.S.$4.8 million. Its sister company, the United Insurance Company (UNIC) also recorded the highest premium turnover in its 13-year history, with 60% growth last year. Eyessus W. Zafu, the United group’s founder, is also president of the Addis Ababa Chamber of Commerce. His ‘rag-to-riches’ story has seen him rise from a child beggar on the streets of the country’s capital to one of Ethiopia’s most respected and influential businessmen. He says: “The economy is bound to open up since we started the journey to become a member of the World Trade Organization, and when that happens, stiff competition will come. We want our companies to have excellent

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ETHIOPIA

SPECIAL ADVERTISING SECTION infrastructure, exemplary governance, transparency and accountability, and to be an attractive partner for international companies. It is no good swimming against the tide when you can go along with it.

Globalization is the way of change, and change must be understood, embraced and assimilated.”

The high-achieving company has already established links with Chinese banks and is looking to strengthen the relationship. “We aspire to be a truly professional, truly commercial enterprise. We want to be the best insurance company in the country. The best does not necessarily mean the biggest.”

Wegagen Bank, on the other hand, has its sights set on topping the banking billboard in Ethiopia within five years. Established in 1997 as a public company, Wegagen has around 120,000 account holders, 36 branches, and a capital share of U.S.$30 million. Araya Egziabher, president and CEO, says: “Earnings per share have risen 38% in 2004 and 55% for 2005/6. We have grown year-on-year and we are still growing. We have consistently shown good performance.” Wegagen Bank has proved itself an innovator, being the first bank in the country to introduce an integrated computer banking system.

Nib International Bank (NIB) is another young bank looking to grow. Voted “Best Bank of Ethiopia” in 2006 and 2007 by Global Finance Magazine, and “Best Bank of Ethiopia” in 2005 by The Banker Magazine, NIB is holding its own in the financial services market.

Amerga Kassa, president, says: “Being one of the youngest banks, the sixth to enter the market, meant we could register good profits from the start. Our profits have continued to grow—last year, they increased by 33%—and so have the returns for our shareholders. Our efficiency has also been rated as one of the reasons for this growth.”

The Development Bank of Ethiopia (DBE) plays an important role in the economy, as it organizes financing for many of the country’s industrial and agricultural projects. President Yewondwossen Teshome says: “We are providing very large loans to agricultural development

projects: flower, sugar and export-oriented products, particularly in the added value areas of textiles and tanneries. We are here to help the innovators, the entrepreneurs, that will in turn help Ethiopia develop.

Chinese investors are already coming to us.”

While the DBE finances development projects, the state-owned Ethiopian Insurance Corporation (EIC) insures them, giving particular attention to construction and agricultural projects. Boasting pre-tax profits of U.S.$7.5 million for 2006/7, the company is the largest in the sector and looking to become a world-class player. The EIC recently developed insurance products for the cotton, tea and coffee sectors, and has also devised a weather-index product in collaboration with the World Bank.

“We are here to help the innovators, the entrepreneurs, that will help Ethiopia develop.”

Yewondwossen Teshome, President, Development Bank of Ethiopia

Nile Insurance Company is the leading private insurance company and recorded a net profit above U.S.$0.6 million last year. Almaz Moges, CEO, says: “We are second-to-none in the private sector, providing all types of general and long-term insurance business.

Floriculture is one of our newest products, and we enjoy a substantial share of the market.”

The foundations for growth As a large developing country, Ethiopia has much to tackle in terms of its infrastructural needs, despite the dramatic improvements in recent years, and the government is resolute that it should be done rapidly and aggressively, with the focus on partnerships as opposed to aid.

Juneydi Saddo, Minister of Transport and Communication, says: “We

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need to have corporate partnerships in critical infrastructural and technology developments—and we are very happy with our Chinese partners in terms of the finance and technical side so far.”

Varnero Construction, one of the oldest private foreign constructors in the country, has built of some of the most prestigious constructions in the capital, such as the African Hall and the Commercial Bank of Ethiopia’s headquarters. Managing director Alberto Varnero notes: “The Chinese have brought a push to the country to move faster, by showing that projects can be completed at a much quicker rate.”

Unsurprisingly then, the China Road and Bridge Corporation has already outbid a number of interested parties to secure two thirds of the Addis Ababa City Road Authority’s nine highway projects worth U.S.$109.5 million, for example, while another Chinese name, UE Industrial, has won another.

The Chinese are also major players in telecommunications. This year, the Ethiopian Telecommunications Corporation (ETC) signed an agreement with Zhongxing Telecommunication Equipment Company Limited (ZTE) to execute three important telecoms projects including expansion of the mobile and CDMA wireless networks. While there are no plans to privatize ETC in the medium term, the government is happy to work with international companies on limited contracts for supplies, installations, construction and technology.

As Minister Juneydi explains: “We have signed three contracts with ZTE, worth U.S.$200 million, but there are another 8 to 10 components of a bigger package, which bring the full amount to U.S.$1.5 billion. One of the first three we signed was for wireless

technology covering the whole country, especially the rural community.

We were originally working with fixed lines, but as the CDMA technology is available, it makes more sense to grab that opportunity now. We have also signed a contract for 2,400 km of fiber optics, the first phase of a 10,000 km project that will take three years to complete. The third one took place for our Millennium celebrations in September, and saw capacity for mobile networks expanded in the big cities for 1.2 million subscribers.”

The Minister has announced that Ethiopia is on course to have a state-of-the-art ICT network by 2010. He says: “We will have a 3G mobile network in place, and high speed Internet will be assured. We have already launched a reform program within ETC and deployed international consultants to ensure the new network is managed by a competent team.”

ETC’s CEO Amare Amsalu, appointed last year after 13 years within the company, has already begun implementing a five-year expansion and efficiency plan worth over U.S.$0.3 billion, which will dramatically change the way the company works and bring Ethiopia well and truly into the 21st century. The number of fixed line subscribers is set to rise from 1 million to 4.4 million, and mobile subscribers from 1.5 million to 10 million. Efforts will also be made to increase the number of Internet users to more than a million. Amare, at only 34 years old, has proved to be a dynamic force in turning ETC around, doubling the corporation’s profits last year to U.S.$85 million—the first time they had risen above U.S.$33million in ETC’s 100-year history.

Amare says: “When I arrived in post, I worked out the challenges

Customer-focused shipping line successfully navigates routes for expansion.

Ethiopian Shipping Lines S.C. (ESL) is a modern shipping company that provides reliable and internationally competitive maritime transport and related services. Since 1964, the company has been facilitating and promoting Ethiopia’s export and import trade via its efficient shipping network.

In recent years, business has been booming.

ESL recorded profits of 288 million Br. (U.S.$31.7m) in 2006/7—23% above target— while securing 1.9 billion Br. (U.S.$0.2bn) in revenue. It transported in excess of 1.4 million tons of goods the same year.

In June, the addition of two state-of-the-art vessels, built by Chinese firm Kouan Shipbuilding Industry Co. at a total cost of

383.5 million Br. (U.S.$42.2m), brought ESL’s fleet up to 10, and will ensure this growth continues. The new ships, specially designed for Ethiopian development project cargo, can be used for bulk or containers with 120 tons of crane-lifting capacity. “We plan to double our tonnage in the next 5-10 years,” says ESL’s managing director, Mr. Ambachew Abraha.

ESL is proud to be customer-driven. “We give added value. We identify our best customers and offer them an extremely high level of service,” says Mr. Ambachew. “We also put a great deal of energy and resources into staff training, so we consistently meet international standards. Cutting loss-making routes, working with good business partners and

ESL: A prompt and dependable service

concentrating on strengths are the keys to our success.” ESL offers three main routes, between China and the Red Sea, Djibouti and the Djibouti India Gulf, and a “roll on, roll off ” service from the Gulf to Djibouti.

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SPECIAL ADVERTISING SECTION and advised the government that the company should be supported.

We made some dramatic moves, and took the latecomer’s advantage in acquiring the latest technologies. We hired young and creative people and are bringing in new ways of thinking from the outside, to build up a new type of company.”

With ICT penetration levels currently at 0.8%, and the lowest number of mobile subscribers in Africa, there is a lot of potential, and a long way to go. Amare says: “Our strategy is to choose the best technology and train our people to use it. We have a market-focused way of doing things, with the backing of the government. We have a market of almost 80 million people in Ethiopia, and we are the capital of Africa. We were therefore looking for partners to take advantage of

“We took the latecomer’s advantage in acquiring the latest technologies.”

Amare Amsalu, CEO, Ethiopian Telecommunications Corporation

this and chose the ones with the best technology and the best price, i.e.

ZTE. We have around 600 Chinese people working here with us. The returns are guaranteed, even in the rural areas.”

The Chinese firm is contractually obligated to increase Ethiopia’s GSM mobile network from 50,000 to 200,000 lines and is contractually obliged to install new mobile telephone networks in 12 Ethiopian cities. The company is China’s largest listed telecommunications equipment provider, specializing in offering network solutions for telecoms carriers worldwide.

“ICT has proved to be instrumental in overcoming the challenges of poverty and to bring about economic development,” Amare adds.

“Human resource capacity building is a necessary condition of that. In this light, ETC is best positioned to take the lead in ICT human

ETHIOPIA

resource development.” With this in mind, ETC is launching a postgraduate training initiative in the field of IT and engineering, to complement the ongoing networks and technology training.

The company’s future vision is simple. “We want to see the entire country connected with Amare Amsalu, CEO, Ethiopian Telecommunications Corporation

state-of-the-art ICT infrastructure that provides highly qualitative, reliable and secure communication services at affordable prices,” says Amare. “Telecommunications is a profound and distinguishing imperative in the life of mankind and ECT has been investing in this spirit in networks and technologies, for more than 100 years. The digital divide still characterizes Ethiopia, but we are moving in the right direction. If things continue like this, with the government support and the interest of people wishing to work with us, no one can stop us. Previously, we only used to invest the company’s money, but I am now here to invest more, to take risks. Getting the ZTE contract was a big achievement. I am proud of what we are doing. In 10 years, this could be one of the best companies in the world.”

Ethiopia also holds masses of potential in electricity production, particularly hydropower. Today, the country uses less than 5% of its total water reserves, yet the potential of hydropower production has been estimated at some 45,000 MW. Ethiopian Electric Power Corporation (EEPC), the public electricity provider, faces a number of challenges, however, that include providing universal access to electricity for all households, while harnessing the investment needed to realize the potential for export and renewable energies.

Meheret Debebe, general manager, says: “Our indicators are extremely encouraging. Since 2005, we have been connecting around 300,000 new customers a year, when it was previously 40,000. Last year, we electrified 800 towns and villages, and this year we are aiming

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for more than double. We have an ambitious and comprehensive strategy—devised in collaboration with a Canadian firm and funded by the World Bank—which we hope will allow us to reach 50% of the population by 2010, and 100% by 2015.” The company hopes to build 2,000 high voltage lines a year, and increase the number of distribution lines by 30,000 km per year.

While the domestic electricity supply heats up, the company is also planning for international expansion, taking advantage of its export potential. “We have proved our seriousness and capacity, and the fasttrack approach of our government has gained the confidence of our partners. We have built trust through our achievements,” Meheret says. The company has a number of bankable projects under its belt

“The fast-track approach of our government has gained the confidence of our partners.”

Meheret Debebe, General Manager, Ethiopian Electric Power Corporation

and with electricity costing the equivalent of 4 cents an hou—around a quarter of the price in Europe—it represents a lucrative opportunity.

EEPC recently signed a contract for the Gilgel Gibe III project, the third cascade power project on the Omo-Gibe River, 250 km southwest of Addis Ababa. The U.S.$0.16 billion power plant has a capacity to generate 1,870 MW, making it the largest power project on the continent. It is due to be finished by 2011. Another hydropower project, the Tekeze Dam, is being built in partnership with the China National Water Resources and Hydropower Engineering Corporation.

The hydropower projects underway amount to some 4,000 MW. Meheret says: “China is continuing to increase its market share in Ethiopia. They are now involved with two projects, and dominate the

distribution supply. The Chinese are true, reliable partners, who have supported us through hard times, and we now welcome them again to help us exploit one of the most important power markets in the world.”

Indeed, with its potential at full pelt, Ethiopia’s strategic position could see EEPC become a powerful force within the continent and beyond. Meheret says: “We have developed regional projects with Djibouti and Sudan, that will allow us to link to the Middle East via a submarine cable. Our connection to Kenya is also taking on momentum. It will be one of the biggest lines in Africa.”

The company is currently implementing a business process reengineering program to build its management capacity, with a view to transforming the company and reaching international standards with the support of international business firms. “We are already one of the most credible companies on the continent in terms of financial discipline, financial management and financial performance, but we need to upgrade our management capacity dynamically.”

Finally, the transport sector has become a major asset for Ethiopia’s growth, with Chinese companies getting the lion’s share of the market.

The government recently launched a five-year road-building program, which will see 85,000 km of highway constructed to enhance the major city links and connect the rural areas. And, despite being landlocked, Ethiopia’s flagship shipping company has ensured the country stays competitive at sea via Djibouti Port, and maintains good Chinese relations. Ambachew Abraha, managing director of the customercentric Ethiopian Shipping Lines, says: “Most of our cargo comes from China so we have five of our vessels assigned there. We currently serve more than 30 Chinese ports.”

Ethiopian Airlines is also flying a flamboyant banner for Ethiopia.

The national carrier is one of the most professional and modern in Africa, and has been voted “Best African Airline of the Year 2006” and “Best African Business 2007”. Ethiopian Airlines flies direct to 28 destinations in Africa, and is already a highly competitive concern. In

Commercial Bank of Ethiopia—65 years in the driving seat of the banking sector The Commercial Bank of Ethiopia (CBE) has been one of the movers and shakers of Ethiopia’s economy for the past 65 years. No strong bank existed in the country when CBE was officially launched. It was, in short, the pioneer of banking services.

Now, CBE is the leading bank of Ethiopia with a total paid-up capital of over 4 billion Birr. (U.S.$0.45 bn) and 195 branches across the country. A commitment to reliability and public confidence have been key factors for its sustained success. Abie Sano, CBE’s president, says: “Our end-of-year performance for 2007 was 1.2 billion Birr.—that’s 100 million more than last year. We are expecting even more next year. We have many projects underway that will help us reach our higher profit targets, which should start bearing fruit soon.

These include housing loans and other business ventures, as well as work in international markets.”

Mr. Abie, himself no stranger to success having moved up from graduate trainee at CBE to

president in just nine years, is rapidly steering the bank towards best international banking practices. He says: “We attach due attention to efficiency and good corporate governance. We have a correspondent relationship with 47 renowned foreign banks, a SWIFT bilateral arrangment with 500 others, and we have close working relationships with Western Union and Visa International.”

landscape were previously employees of CBE.” CBE prioritizes the modernization of its services by installing computer networks in all major branches and introducing improved working systems. As Mr. Abie notes: “Customers are our most important asset, so we must continuously revise services, technology applications, and employees’ attitudes to maximize satisfaction.”

“We attach due attention to efficiency and good corporate governance.”

The bank is committed to maximizing shareholder value through enhanced financial intermediation and unparalleled customer satisfaction, and to this end, employs highly motivated, skilled and disciplined staff who are capable of providing quality banking products and services. “The bank is increasingly building the technical and professional capabilities of the management and the whole staff,” says Mr. Abie. “And it is no coincidence that many of the managers of the new and emerging banks on the Ethiopian

For investors, Mr. Abie has this advice: “Financing should be their last concern. We can finance any project that will add value to the country’s economy. I want to encourage people to come to Ethiopia, to plan correctly, to do the right feasibility studies and to be transparent. Do the business plan before worrying about the financing. For the shortand medium-term, construction is a good investment area but for the long-term, all industries related to agriculture and agroprocessing will be the most sustainable.”

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Tel:+251 11 551 5000 / 5004 Fax:+251 11 551 4522 / 7822 / 7866 cbemis@ethionet.et www.combanketh.com

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the past four years, Ethiopian Airlines has achieved substantial growth in all of its activities, and is in excellent corporate health. It recently purchased a new fleet of ten Boeing 787 Dreamliners at a cost of more than U.S.$1.3 billion, to be rolled out within three years.

Girma Wake, CEO of Ethiopian Airlines, says: “We registered growth of 25% last year, despite huge investments. However, we are now stabilizing and the markets have picked up, so the opportunity to raise our revenues this year is much better.” The chief has big plans for both the airline and the region. He would like to see Addis Ababa expand as a hub, and is committed to serving the Chinese market

better. He says: “Addis Ababa is not just the capital of Ethiopia, it is the capital of Africa, and as such, is already a gateway for the Chinese market. The Chinese are building a conference center there for the African Union, which will result in a huge increase in business traffic once it is completed.

“We have an excellent network of routes and flight frequencies in place, so I believe Addis could become an outstanding hub in the future. We just need to put the infrastructure in place, accommodating people to a standard they are used to, in terms of hotels, roads, telecommunications and conference facilities. The government is investing in that now, and we are too.”

As the first African airline to fly to China, and one of only two international airlines allowed access during the 1970s, Ethiopian Airlines has a long and established connection with the Asian giant.

“We now organize 11 flights a week there, to three points,” Girma says. “That spirit of expanding into new markets has really helped us move forward and make good progress.”

The airline will soon increase the number of flights operating out of Beijing, and update its website so that it is accessible to the Chinese market. It is also hoping to employ native Chinese cabin crew, and is investigating the possibility of flying to a fourth Chinese destination.

“We are also working with Chinese tour operators now. We want to learn more about this market so that we can serve it better. Nobody will connect China to Africa better than us,” Girma says.

The right choice for success Dashen Bank S.C., which is engaged in the delivery of both domestic and international banking services, is the second oldest private bank in the market and the leader among the eight private banks in Ethiopia in terms of performance and market share.

Established in 1995, with a vision of providing unparalled services, Dashen Bank is determined to overcome the challenges for excellence through the application of appropriate technologies.

As a result, Dashen Bank, a principal member of Visa International, has set a milestone in the history of banking in Ethiopia by introducing a payment card system. This has made the issuance and acquisition of VISA branded cards possible in Ethiopia. Because of this, and its other far-sighted initiatives and high operational achievements, Dashen Bank has been heralded “Bank of the Year” no less than five times by London’s The Banker magazine.

Dashen Bank operates with service outlets of 42 Area Banks, 4 Foreign Exchange Bureaux, 10 ATMs and more than 200 POS terminals. The sustainability and stability of its growth, the manner of professionalism and efficiency within its service delivery and its technological agility has resulted in winning the confidence of over 400,000 customers. Its primary capital has grown from Birr 14.9 m (U.S.$1.6m) upon commencement, to Birr 483 m (U.S.$53.2m) Prove to yourself that banking with Dashen is the “Right Choice For Success.”

Tel: +251 11 466 1380 Fax: +251 11 465 3037 DASHEN.BANK@ethionet.et www.dashenbanksc.com

Business Focus

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A SWEET BUSINESS Metahara Sugar Factory P.O. Box: 5664, Addis Ababa, Ethiopia Tel.: Metahara +251 22 455 01 00 Addis Ababa +251 11 550 93 25/551 31 80/551 97 00 Fax: Metahara +251 22 455 00 02 Addis Ababa +251 11 550 56 09/551 69 34 msf@ethionet.et

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