Tagged: Ethiopia

2010-09-08

Islamic Banks to enter financial sector in Ethiopia

Finally responding to a strong public demand, the National Bank of Ethiopia (NBE) is about to approve a directive that paves the way for the establishment of Islamic banks. The directive also opens doors for currently operational commercial banks to cr…

Islamic Finance

2010-05-10

“Land-grabbing” in Africa (1)

Ethiopia is one of the hungriest countries in the world, with more than 13 million people needing food aid, but paradoxically the government is offering at least three million hectares of its most fertile land to rich countries and some of the world’s most wealthy individuals to export food for their own populations.

The 1,000 hectares of land that contain the Awassa greenhouses are leased for 99 years to a Saudi billionaire businessman, Ethiopian-born Sheikh Mohammed al-Amoudi, one of the 50 richest men in the world. His Saudi Star company plans to spend up to US$2 billion acquiring and developing 500,000 hectares of land in Ethiopia in the next few years. So far, it has bought four farms and is already growing wheat, rice, vegetables and flowers for the Saudi market. It expects eventually to employ more than 10,000 people.

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Tagged: Ethiopia

Islamic Banks to enter financial sector in Ethiopia

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