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  • ‘African countries trust Americans, Asians and Europeans than Africans themselves’

    (by Andegna.com) “African countries trust Americans, Asians and Europeans than African citizens,” this was said during the launching of African Regional Integration Index Report 2016, on the weekend in Addis Ababa, United Nations Economic Commission for Africa Center.

    Regional integration has been impeded in the continent due to limited movement of Africans across many countries, according to the report which a continental ambition of increasing borderless Africa has still gaps. For Africa, the visa-openness is more a security issue than business that the African Union Commission urged member states to be decisive on making movement of Africans easy. 

    Senior Trade Expert of the African Development Bank Group Jean Guy says visa issuance is mainly related to the security, especially threats of terrorism.

    “Nations also fear flood of foreign employees if they (governments) allowed it,” said Jean.

    For Economic Commission for West African States (ECOWAS) allowing visa is the issue of trust among Africans, because, “African countries trust Americans, Asians and Europeans than African citizens,” said a representative from ECOWAS, which is the highest performing regional economic community on free movement of people, according to the Integration Index Report.

    All ECOWAS countries implemented the free movement of people’s protocol, which enables citizens to travel to all member countries without visa, while Rwanda and Seychelles are also granted a free visa service for Africans.

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  • New report states governance playing corruption in Africa

    (by Andegna Tube) 4th special edition of the African Governance Report launched this weekend in Addis Ababa themed ‘measuring corruption in Africa: the international dimension matters’, criticized poor governance putting corruption a big issue in the continent.

    Corruption remains one of the key economic governance challenges and become broad in its state that the Governance report urged the continent to address issues of transparency and accountability, weak oversight institutions, limited enforcement mechanisms and insufficient capacity to stop corruption itself. 

    In order to effectively address the problems of corruption in the continent, according to Finance Minister of Namibia, Calle Schlettwein, “African policy makers and partners are encouraged to focus on broader economic governance issues and institutions that are critical for the continent’s structural transformation and sustainable development.”

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  • Ethiopia puts cash on African Trade Insurance Agency

    (by Andegna Tube) An awaited proclamation, to establish the African Trade Insurance Agency (ATI) that Ethiopia assume to benefit its insurance companies and other business institutions from the special insurance services provided by the Agency, has been passed by the House of Peoples Representatives with a loan amount over US$ 4.9 million from the African Development Bank.

    ATI, an insurance agency that guarantees trade exchanges to its member countries was established in 2001 by seven African countries with financial and technical support of the World Bank to reduce investment and trade risks in the continent. It now has 40 member states and investments worth US$ 17 billion in Africa.

    The loan, which is a soft loan with nil interest rate, has long period of 30 years of repayment time having ten years of grace period with 0.75 percent annual service charge and 0.05 percent compulsory payment for non-performing loans after two months of the agreement.

    ATI membership offer a country to receive dividends from the profits of the agency. The services of the ATI include insurance convergence to the sale of goods on a letter of credit, trade risk insurance products in the import and export of goods as well as during trade embargoes among member African countries.  ATI also covers political risks by giving guarantee to companies’ loss in cases of nationalization, confiscation, cancellation of license in the investment receiving country, change of polices, government, civil war and terrorism.

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  • Three dies, over 20 injured in Addis traffic accident today

    (by Andegna Tube) Three people died while over twenty have been injured in a traffic accident on Monday around 10:10 am in the morning in Kolfie 18 area of the Kolfie Keraniyo Sub-City in Addis Ababa.

    A heavy 'Turbo' truck, supposed to have caused the horrific accident damaging six vehicles including three minibus taxis, two automobiles and a pickup.

    The cause of the traffic accident is still not clearly identified which the police is investigating, according to Deputy Inspector Assefa Mezgebu, Spokesperson of the Addis Ababa Traffic Office.

    "Two of the vehicles are completely damaged”. Despite reported death of four peoples police claimed three. A nearby pharmacy and neighboring mobile shop were  completely damaged, according to police. The financial loss is yet to be known.

    Reports indicate that, on average two accidents occur every hour in Addis Ababa which tall the risk of traffic accident death at the capital to be 41 percent. The number of accidents in Addis keep increasing. The damage of car crashes, for instance, rose by 12.7 percent to over 20,422 last year, when over 400 people died and 2,755 were lift to live with an array of physical injuries.

    Twelve of every 100,000 Addis residents lose their lives as a result of road accidents annually, reports say.

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  • Ethiopia’s cash-cow ethio-telecom secure over 10 bln Br revenue

    (by Andegna Tube) Ethiopia’s sole telecom service provider, ethio-telecom, said it has secured over 10 billion Birr revenue in the last six months which has increased by 33 percent compared to the same budget period of last year.

    According to the state owned corporation the revenue has been achieved at 111 percent which could account more but the increasing telecom fraud. The telecom says the number of telecom related scams have also increased as a serious challenge.

    The number of telecom’s customers have also increased to 43.6 million. The Corporation, however, missed its target for the reported period by 10 percent. Finest of all, the number of mobile phone users have now reached to 42.3 million showing eight percent short of the target number, which was 46.2 million. Out of the current number of mobile users, about 40 million customers are active users. However, the number internet users over this last six months have increased to 12.4 million customers.

    Despite this improving records of the sole telecom service provider in Ethiopia, quality service remains a major issue. 

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