Nikkiso Clean Energy & Industrial Gases Group Announces Expansion of Sales, Service and Engineering Facility in South Africa

Nikkiso Clean Energy & Industrial Gases Group Announces Expansion of Sales, Service and Engineering Facility in South Africa

Nikkiso Clean Energy & Industrial Gases Group (“Group”), a part of the Nikkiso Co., Ltd (Japan) and operating under Cryogenic Industries, Inc. (USA) is proud to announce yet another expansion of their sales, service and engineering capabilities for the African market. From their facility they will be providing support for all the Group’s products.

TEMECULA, Calif., March 21, 2023 (GLOBE NEWSWIRE) — Nikkiso Clean Energy & Industrial Gases Group (“Group”), a part of the Nikkiso Co., Ltd (Japan) and operating under Cryogenic Industries, Inc. (USA) is proud to announce yet another expansion of their sales, service and engineering capabilities for the African market. From their facility they will be providing support for all the Group’s products.

Located in Waterfall, KZN, South Africa, the facility was established to provide a stronger footprint in Africa and support South Africa’s engineering hub and economic center. Local engineers and field service support will bring specific knowledge of the region and local markets, allowing highly customized solutions.

In addition to offering technical sales for all the Group’s products, they have added an air separation unit commissioning team which includes customer support. The additional engineering support will provide process and design optimization and innovative solutions for the region. The facility will also provide LNG equipment, to support the large natural gas expansion off Mozambique, and potential development of virtual pipelines for LNG fuel to mitigate the electricity crisis.

“This expansion positions us to be able to respond rapidly to the growing energy needs of Africa, and to provide greater service and support to our customers with our local presence,” according to Peter Wagner, CEO of Cryogenic Industries and President of the Group.

Bruce van Dongen will serve as Managing Director. A service facility is planned for some time in the future, which will support pumps and turboexpanders. This expansion represents their commitment to and support of the growth of the African market.

ABOUT CRYOGENIC INDUSTRIES
Cryogenic Industries, Inc. (now a member of Nikkiso Co., Ltd.) member companies manufacture and service engineered cryogenic gas processing equipment (pumps, turboexpanders, heat exchangers, etc.) and process plants for Industrial Gases, and Natural Gas Liquefaction (LNG), Hydrogen Liquefaction (LH2) and Organic Rankine Cycle for Waste Heat Recovery. Founded over 50 years ago, Cryogenic Industries is the parent company of ACD, Nikkiso Cryo, Nikkiso Integrated Cryogenic Solutions, Cosmodyne and Cryoquip and a commonly controlled group of 20 operating entities.

For more information, please visit www.nikkisoCEIG.com and www.nikkiso.com.

MEDIA CONTACT:

Anna Quigley
+1.951.383.3314
aquigley@cryoind.com

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/30d66f23-e389-4adb-86c2-43133a748d6e

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King Faisal Prize Awards $1 Million, in Recognition of COVID-19 Vaccine Development, Nanotechnology Ingenuity Contributing to 100 Scientific Breakthroughs that Changed the World, and other Key Scientific & Humanitarian Achievements

During its 45th session, King Faisal Prize Recognized Other Outstanding Figures in the Fields of Arabic Language & Literature, Islamic Studies, and Service to Islam

Riyadh, Saudi Arabia, March 20, 2023 (GLOBE NEWSWIRE) — On 20 March, Harvard University and Oxford University professors Dan Barouch from the US and Sarah Gilbert from the UK received the King Faisal Prize for Medicine in Riyadh, Saudi Arabia for their innovative vaccine technologies. They developed Covid-19 vaccines, which saved millions of lives. Furthermore, Northwestern University Professor, Chad Mirkin, and the A*STAR Senior Fellow and Director at NanoBio Lab, Professor Jackie Yi-Ru Ying, were awarded the Science Prize for helping define the modern age of nanotechnology and for their various advancements and applications of nanomaterials.

Professor Dan Barouch; the Director of the Center for Virology and Vaccine Research at Beth Israel Deaconess Medical Center and the William Bosworth Castle Professor of Medicine at Harvard Medical School, and Professor Sarah Gilbert; the Saïd Chair of Vaccinology in the Nuffield Department of Medicine at Oxford University, employed a novel technology in developing Covid-19 viral vectors vaccines: the Johnson & Johnson vaccine and the Oxford–AstraZeneca vaccine, respectively.

Novel Vaccine Technology and Quick Response to the Pandemic

Instead of the traditional vaccines’ methods which use a weakened or killed form of the original infection and require a long time to develop in the human body, professors Dan Barouch and Sarah Gilbert genetically modified a harmless version of a different virus to carry genetic material to body cells and deliver protection. The Johnson & Johnson vaccine was based on engineering a harmless adenovirus (called Ad26) which was a common type of virus that caused mild cold symptoms..

In his acceptance speech during the ceremony, Professor Barouch said, “The Ad26 vaccine for COVID-19 demonstrated robust efficacy in humans, even after a single shot, and showed continued protection against virus variants that emerged. This vaccine has been rolled out across the world by the pharmaceutical company Johnson & Johnson, and over 200 million people have received this vaccine, particularly in the developing world”.

Like the Johnson & Johnson vaccine, the essence of the Oxford–AstraZeneca vaccine, (called ChAdOx1 nCoV-19), is a genetically modified weakened version of a common virus which caused a cold in chimpanzees and no infection when injected in humans. The modified virus in both vaccines carried the genetic instructions for the coronavirus spike protein. When entering the body cells, the virus used a genetic code or instructions to produce the specific surface spike protein of the coronavirus inducing an immune response and preparing the immune system to attack coronavirus if it infects the body.

Both vaccines were achieved in few months of work; the Johnson & Johnson vaccine required 13 months and the Oxford–AstraZeneca vaccine took 10 months of work. This was due to previous research work and clinical trials to develop vaccine candidates for multiple pathogens of global significance. The development of the Ad26 vaccine platform, which was the base for the Johnson & Johnson vaccine, came as a result of Dan Barouch’s accumulated work on HIV, Zika virus, and tuberculosis. He is considered a pioneer in the creation of a series of vaccine platform technologies that can be used when developing vaccines for emerging infectious diseases, such as COVID-19. Moreover, Barouch led the world’s first demonstration of Zika vaccine protection in preclinical studies and launched a series of phase 1 Zika vaccine clinical trials.

Likewise, the Oxford–AstraZeneca vaccine’s innovative technologies were also applied by Sarah Gilbert to Malaria, Ebola, Influenza, and MERS, with clinical trials of the latter taking place in the UK and in the Kingdom of Saudi Arabia. In fact, the patented ChAdOx1 technology was developed by Professor Gilbert and other researchers at the University of Oxford in 2012. In 2014, she led the first trial of an Ebola vaccine after a large outbreak of the disease in West Africa.

“I am humbled to join the other 2023 laureates today, and to follow-in the footsteps of the men and women whose work has been recognized by the Foundation over more than four decades. This award is in recognition of my work to co-create a vaccine for COVID-19. A low-cost, accessible, efficacious vaccine that has now been used in more than 180 countries and is estimated to have saved more than six million lives by the start of 2022”, said Professor Gilbert in her acceptance speech during the awarding ceremony.

Nanotechnology Inventions Topping 100 Scientific Discoveries that Changed the World

In this year’s King Faisal Prize for Science about “Chemistry”, Professor Chad Mirkin (from the US); the Director of the International Institute for Nanotechnology (IIN) and the Rathmann Professor of Chemistry and Professor of Medicine, Materials Science and Engineering, Biomedical Engineering, and Chemical and Biological Engineering at Northwestern University, and Professor Jackie Yi-Ru Ying (from the US); the A*STAR Senior Fellow and Director at NanoBio Lab, Agency for Science, Technology, and Research, received the prize.

The work of Professor Chad Mirkin, which has been at the forefront of nano chemistry for over three decades, has helped define the modern age of nanotechnology. He is widely recognized for his invention of spherical nucleic acids (SNAs), which are nanostructures composed of nucleic acids in a spherical configuration which enter human cells and tissues and overcome biological barriers, making it possible to detect or treat a disease on the genetic level. More than 1,800 products for medical diagnostics, therapeutics, and life science research were based on this technology. “One vital component of our work aims to use nanotechnology to restructure DNA and RNA into forms that make them more potent medicines for treating debilitating types of cancer and neurological disease. Through this work, we hope to usher in a new era of powerful and precision genetic medicines where we can attack and treat disease at its genetic routes”, said Mirkin in his acceptance speech.

Professor Mirkin has over 1,200 patent applications worldwide. He also founded several companies, including Nanosphere, AuraSense, TERA-print, Azul 3D, MattIQ, and Flashpoint Therapeutics. He pioneered artificial intelligence-based materials discovery inventing a method to create patterns directly on different substances with a variety of inks called “dip-pen nanolithography”, which was described by National Geographic as one of the “top 100 scientific discoveries that changed the world”. He also developed HARP (high-area rapid printing) technology, a 3D printing process that can manufacture different products like ceramics at record-breaking throughput.

As for Professor Jackie Yi-Ru Ying, her research focused on synthesis of advanced nanomaterials and systems, and their application in biomedicine, energy conversion, and catalysis. Her inventions have been used to solve challenges in different fields of medicine, chemistry, and energy. “I am deeply honored to be receiving the King Faisal Prize in Science, especially as the first female recipient of this award,” she said in her acceptance speech.

Her development of stimuli-responsive polymeric nanoparticles led to a technology which can autoregulate the release of insulin, depending on the blood glucose levels in diabetic patients without the need for external blood glucose monitoring. Dr. Ying’s laboratory has pioneered the synthesis of mesoporous and microporous transition metal oxides; a class of nanomaterials used in energy storage and conversion, by supramolecular templating (organizing or assembling entities).

Dr. Ying has more than 180 primary patents and patent applications; 32 of which have been licensed to multinational and start-up companies for a range of applications in nanomedicine, drug delivery, cell and tissue engineering, medical implants, biosensors, medical devices, and others. Her work is at the intersection of nanotechnology and technical medicine and has culminated in the establishment of six successful start-ups and spinoff companies.

Four Exceptional Thinkers and Leaders Recognized in Arabic Language & Literature, Islamic Studies, and Service to Islam

Along with Medicine and Science, the King Faisal Prize recognized outstanding thinkers and scholars in Arabic Language & Literature and Islamic Studies this year and honored exemplary leaders who have contributed to serve Islam, Muslims, and humanity.

Professor Abdelfattah Kilito, from Morocco, received the “Arabic Language & Literature” prize focusing on “Classical Arabic Narrative and Modern Theories”. He has been a visiting professor and lecturer at the New Sorbonne, Harvard University, Princeton University, the University of Chicago, the University of Oxford, and the College de France. Professor Robert Hillenbrand, from the UK, Honorary Professorial Fellow in the department of Islamic and Middle Eastern Studies (IMES) at the University of Edinburgh, was awarded the “Islamic Studies” prize in “Islamic Architecture”. His work was distinguished by its geographic and temporal expansiveness, which covered North Africa, Egypt, Palestine, and Central Asia, and spanned from the early Islamic period till the 19th Century. As for the “Service to Islam” Prize, Professor Choi Young Kil-Hamed (from South Korea) and His Excellency Shaikh Nasser bin Abdullah Al Zaabi (from the UAE) were this year’s laureates.

Since 1979, King Faisal Prize in its 5 different categories has awarded 290 laureates who have made distinguished contributions to different sciences and causes. Each prize laureate is endowed with USD 200 thousand; a 24-carat gold medal weighing 200 grams, and a Certificate inscribed with the Laureate’s name and a summary of their work which qualified them for the prize.

Attachments

Maysa Shawwa
King Faisal Prize
Maysa.Shawwa@kff.com

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Gov’t Striving to Enhance Responsible Agricultural Investment that Meets Accepted Principles

The Ethiopian government is striving to enhance responsible agricultural investment that can meet nationally, regionally, and internationally accepted principles, according to Ministry of Agriculture.

In his opening remark at the National Multi-Stakeholders Dialogue on Responsible Governance of Investment in Land underway here in Addis Ababa, Agriculture State Minister Ifa Muleta said land in Ethiopia is not only the foundation of the economy, but also plays significant role in cultural, social, and political affairs.

The Government of Ethiopia is, therefore, carefully looking for a long-term sustainable land use system which enables it to design a guiding policy framework that addresses both small holders and commercial ones.

According to him, the government has demonstrated strong commitment to agriculture in order to increase production and productivity of small holders through dissemination of effective technologies and scaling up strategies.

As a result, considerable achievements have been registered over the past decades even if there is still substantial scope to improve production, productivity, and to also create untapped market linkages, it was learned.

“We are striving to enhance responsible agricultural investment that can meet national, regional and international accepted principles and guidelines in an innovative and responsible ways. Indeed, establishing responsible agricultural investment system in the main objective of our current reform agenda in the sector land governance is a crucial issue.”

Responsible Governance of Investment in Land Project Manager, Christian Mesmer said land is a finite and non-renewable resource that many found significance in economic, social, ecological, cultural and political terms. Due attention must (therefore) be given to this precious resource from national to kebele level.

The manager noted that the global rush for land indicates that many land owner local communities do not benefit from land investment.

Christian added that the lack of safeguarding and consultation mechanisms in doing land allocation process result in land degradation, dispute and evictions.

“With its agricultural reform agenda, the Government of Ethiopia has demonstrated its commitment for good land governance through improved land tenure security for both small holders and commercial agricultural investment and alike,” he stressed.

Many systematic efforts have been undertaken, the manager stated, adding that the country can still make major headway in ensuring responsible agricultural investment.

EU Delegation Green Deal Team leader, Roberto Schiliro said on his part that land governance is a precondition for any development policy and strategy in agriculture.

This is particularly important in Ethiopia to fully exploit its unleashed potential, the team leader said, adding the UN and its member states have taken various measures, including the adoption of UN land policy guidance in 2004, in order to meet these objectives.

The EU supports this initiative acknowledging that responsible land management is a key and critical issue in Ethiopia, according to Schiliro.

The team leader further underlined that we need to have specific Ethiopian approach. “We need to be inclusive and innovative in the approach to land management in Ethiopia.”

Source: Ethiopian News Agency

DPM and FM Confers With Yemeni Foreign Minister

Deputy Prime Minister and Minister of Foreign Affairs, Demeke Mekonnen has conferred with Yemeni Foreign Minister Dr. Ahmed Awad bin Mubarak.

During the deliberations Demeke briefed the Yemeni Foreign Minister on current affairs. Working to consolidate the peace process is a key priority of Ethiopia, he noted.

Demeke concurrently emphasized the need to capitalize on the historical ties between the two countries that predicate not only on interests but also age-old people-to-people relations.

While underscoring the need to further bolster the multifaceted ties, the Deputy Prime Minister and Foreign Minister urged Dr. Mubarak, to work closely towards the reactivation of relations.

The Foreign Minister of Yemen for his part said Yemen and Ethiopia need political consultations.

He also said, the Government of Yemen will assist the Government of Ethiopia to expedite the voluntary repatriation of Ethiopians in Yemen.

The Foreign Minister of Yemen arrived in Addis Ababa yesterday for an official working visit to Ethiopia.

The objective of the visit is to exchange views on ways strengthening the bilateral relations of Ethiopia and Yemen, it was learned.

Source: Ethiopian News Agency

Ethiopia Rejects Statement Issued By U.S. State Department As ‘Blanket Condemnations’

The US State Department has issued a statement determining that certain grave crimes were committed during the conflict in northern Ethiopia.

Considering the Report of the Joint Investigation by the Ethiopian Human Rights Commission (EHRC) and the UN Office of the High Commissioner for Human Rights (UN-OHCHR), this statement does not contain new findings, the Ministry of Foreign Affairs of Ethiopia stated in a statement issued on Tuesday.

The statement said the Government of Ethiopia does not accept the blanket condemnations contained in the statement and does not see any value in such a unilateral and adversarial approach.

The statement is selective as it unfairly apportions blame among different parties in the conflict. For no apparent reason, the statement appears to exonerate one party from certain allegations of human rights violations such as rape and other forms of sexual violence despite the clear and overwhelming evidence about its culpability, it added.

“The statement is untimely. It is coming shortly after the launching of national consultations on options for a transitional justice policy. One of the pillars of transitional justice policy is accountability. This foresees that there will be further investigations into allegations of the kinds of crimes the statement alleges. These investigations will consolidate those undertaken by the Inter-Ministerial Taskforce implementing the recommendations of the EHRC-OHCHR Joint Investigation. It thus prejudices these national efforts to thoroughly investigate allegations, whoever is the culprit.”

The U.S. statement is inflammatory, it said adding that whatever the intentions of the US State Department, this statement will be used to advance highly polarized campaigns pitting one community against others in the country.

The Ministry of Foreign Affairs stated: “this partisan and divisive approach from the US is ill-advised. As Ethiopia is implementing the Peace Agreement, such apportioning of blame is unwarranted and undercuts the support of the US for an inclusive peace process in Ethiopia.”

According to Foreign Ministry, the visit of the US Secretary of State gave hope that the two countries are poised to mend their bilateral relations.

The Government of Ethiopia hopes that despite the US’s statement, the frank discussions held and understanding reached during the Secretary of State’s visit to Ethiopia will help restore the strategic relations between Ethiopia and the United States, it affirmed.

The Government of Ethiopia will continue implementing all measures of accountability, including finalizing the nationwide consultation on transitional justice and ensuring that justice is done for all victims.

Friends of Ethiopia are welcome to constructively support this process, Ethiopia’s Ministry of Foreign Affairs said

Source: Ethiopian News Agency

ECA Calls for Africa’s Economic Growth to be Inclusive to Reduce Widespread Poverty

The UN Economic Commission for Africa’s (UNECA) has called for Africa’s economic growth to be inclusive to reduce widespread poverty.

While the world was still fighting the COVID-19 pandemic, the war in Ukraine broke out in early 2022.

The impact of the two shocks has been exacerbated by the higher frequency and intensity of natural disasters, it was indicated.

UNECA Deputy Executive Secretary and Chief Economist Hanan Morsi told the fifty-fifth session of the ECA Conference of African Ministers of Finance, Planning and Economic Development in Addis Ababa, that the three overlapping crises have pushed more Africans into extreme poverty and resulted in increased inequalities and vulnerabilities on the continent.

Morsi said that there were significant levels of poverty and inequality in Africa even before recent global crises but now poverty has worsened, and inequality has widened.

“Today, 546 million people are still living in poverty, which is an increase of 74 per cent since 1990”, stressed Morsi. “Global shocks have ripple effects on the poor in Africa through inflation, which, in 2022, stood at 12.3 per cent, which was much higher than the world average of 6.7 per cent”.

ECA estimates that households in Africa spend up to 40 per cent of their income on food, and the impact of global crises has hit the poorest households in Africa severely.

A staggering 310 million Africans experienced some form of food insecurity and 6 million Africans faced extreme hunger in 2022.

According to recent research, the 10 African countries with the highest levels of poverty in Africa are Burundi, Somalia, Madagascar, South Sudan, the Central African Republic, Malawi, the Democratic Republic of the Congo, Guinea-Bissau, Mozambique and Zambia, in each of which between 60 per cent and 82 per cent of the population is poor.

The commissioner for Trade and Industry of the African Union Commission, Albert M. Muchanga told the conference of African Ministers of Finance, Planning and Economic Development that although Africa is the richest in the world in terms of natural endowments, we are the poorest.

African reliance on imports makes the continent vulnerable to commodity price shocks. In 2021, 39 African countries were net importers of food products. In addition, in 2021, Africa exported only 5.7 billion USD of refined petroleum products but imported over 44 billion of them.

“Coming out of the low levels of income and wealth is now being made more challenging by climate change as seen in the recent flooding in Madagascar Malawi and Mozambique” stressed Muchanga. “We must add to this, the looming debt crisis which could undermine all the growth achievements of the past 23 years”.

Experts and Ministers at the conference noted that African countries continue to face declining revenue, rising debt stress and increasingly constrained fiscal space.

In 2022, the government debt-to-GDP ratio in Africa was 64.5 per cent, which is significantly higher than the pre-pandemic figure for 2019 that was 57.1 per cent, according to ECA.

The two day-conference of African Ministers of Finance, Planning and Economic Development was convened under the theme: Fostering recovery and transformation in Africa to reduce inequalities and vulnerabilities.

Source: Ethiopian News Agency

Finance Minister Says Ethiopia’s Measures to Avert Economic Pressure Effective

The Government of Ethiopia has been effective in implementing different policies and response measures to avert the impacts of internal and global shocks on the economy, Finance Minister Ahmed Shide said.

Speaking at the 55th Conference of African Ministers of Finance, Planning, and Economic Development hosted by the UNECA, the minister stated that COVID-19, the Russia-Ukraine war and internal conflicts as well as climate change have mainly affected many African countries.

And Ethiopia’s economy has similarly faced the impacts of the above.

With the introduction of the Home-Grown Economic Reform and fiscal and monetary policy responses as well as boosting production and precautionary health measures, however, Ethiopia has succeeded in withstanding the shocks and registering growth, he elaborated.

According to him, the production of wheat and maize in particular was boosted, health equipment were manufactured massively to prevent spread of the pandemic and digital financial services improved.

Following the global fertilizer price increase, the government has been subsidizing the purchase of fertilizers to help boost agricultural production and ensure food security.

The National Bank of Ethiopia also injected funding into commercial banks that had been experiencing liquidity challenges, personal income tax payments postponed, bank loan repayments rescheduled, and tax amnesty given to different sectors, among other measures, Ahmed pointed out.

However, despite the gains registered by introducing and implementing various measures, forex distortions, fiscal deficits, and rising inflation remain major economic setbacks to the economy.

Therefore, the second version of Home-Grown Economic Reform will continue to consolidate the gains and address the current and emerging challenges, the minister added.

Joint United Nations Programme on HIV/AIDS Executive Director, Winnie Byanyima on the occasion hailed Ethiopia’s response to the shocks and observed that the biggest challenge for Africa is access to fair financial services.

Even before the COVID-19 crisis and the war in Ukraine, countries were borrowing at an interest rate of over eight percent, while the high-income countries borrowed at lower rates as low as one percent, she revealed.

The high cost of borrowing is taking away Africa’s prospects of achieving SDGs, the executive director stressed.

Moreover, Byanyima stressed that the challenge of not being able to borrow in countries’ own currency points to how countries are being treated unequally on matters of access to affordable finances.

Hence, she stated that there is a need for countries to tackle the high cost of debts, connect financing with SDG achievement, and push harder for Africa to have a seat at the G20 forum.

Source: Ethiopian News Agency

More Investment in Data, Statistics Needed in Africa to Accelerate Sustainable Dev’t : ECA

African countries can take action to accelerate sustainable development if they plan better and invest in effective data and statistical systems, says Oliver Chinganya, Director of the Africa Center for Statistics (ACS) of the Economic Commission for Africa.

“Data is public good, the new oil, the gold that Africa must invest in to support its development,” Chinganya said on the sidelines of the 55th Session of the Committee of Experts meeting in Addis Ababa, Ethiopia.

The mission of the Africa Centre for Statistics is to enable national statistical systems in Africa to produce high quality statistics, data and geospatial information to inform sound and evidence decision-making in support of sustainable development, regional and national priorities.

“We need to invest in data and statistics to support Africa’s industrialization agenda,” said Chinganya.

There has been an improvement in the state of data and statistics across countries on the continent if we compare the situation over 20 years ago where data was poor and close to non-existent in cases. There is a lot more that can be done in making data available.”

According to the director, although many countries are making good progress, there is a situation on the continent where some countries, have not even conducted the censuses in the 2020 Round.

“It is very important to have data for the SDGs. When you are able to have data for SDGs which are properly aligned with the National Development Plans, it allows you to be able to know what is going on in improving the lives of people and overall national development.”

If countries do not conduct censuses, this may affect the reporting on SDGs as more than 10 of the SDGs are informed by data from the census that will impact the decision making process, he added.

“Similarly, when we talk about the AfCFTA, we want it to be a driver of the transformational agenda on the continent but to do that we must understand what each country is producing, for instance and what each country is trading, in terms of items, volumes and comparative advantages. For that you need data.”

Source: Ethiopian News Agency

Development of Ethiopia’s Capital Market Well Underway: ECMA Director-General

The process of realizing a capital market in Ethiopia is well underway in order to ensure the existence of a functioning market soon, Ethiopian Capital Market Authority (ECMA) Director-General Brook Taye said.

In an exclusive interview with ENA, the director-general said what the authority has been doing is establishing the necessary legal parameters that allows to start the market and become operational.

The authority has finalized and issued three different directives, according to Brook. Those are “capital market service provider’s directive, exchange directive, and self regulatory directives which would allow us to start issuing the necessary licenses to market participants.”

Under the capital market service provider directive, for instance, the authority will be licensing brokers, dealers, investment banks and advisors as well as several types of market participants, he added

The director-general stated that ECMA has “received excellent feedbacks from a lot of people who are experts in this field and we are finalizing those directives and providing the final version for adoption.”

Stressing that significance of structuring the institution, he said that ECMA has been structuring the authority in different areas, including hiring qualified human resource, alongside its priority of designing a five-year strategy.

With regarding to its mandate, its priorities are supporting “the market, investors, and focusing energy getting investors ready to participate in the market.”

The overall “process is progressing well based on our time line that we shared with our Board. And we are going to deliver on commitment to make sure that Ethiopia would have functioning capital markets very soon,” Brook elaborated.

Obviously, as a new institution, there are a lot of challenges that need to be overcome; but we will deliver on our commitment and the responsibility that the authority has.

Recalling that one of the major commitments of the government is to make sure that there is macro-stability, the director-general underscored that when you envision macro stability that means you try to focus on having a market mechanism to mobilize resources.

The Ethiopian Capital Market Authority (ECMA) was established in June 2022 by the National Bank of Ethiopia.

Source: Ethiopian News Agency

Council of Ministers Raises Authorized Capital of Ethiopian Railway Corporation to 221 Billion Birr

The Council of Ministers has decided to raise the authorized capital of Ethiopian Railways Corporation (ERC) to 221 billion Birr, according to the Office of the Prime Minister.

In its regular session today, the council instructed the ERC to complete infrastructures under construction and to make the completed ones operational.

The regulation on the corporation would accordingly become effective from the date of its publication on the Negarit Gazette.

Moreover, the council discussed various issues and referred proclamations to the House of People’s Representatives (HPR) for endorsement, it was learned.

The council also discussed a draft proclamation on public enterprises. The bill is aimed at ensuring the transparency and accountability of the corporate management system of public enterprises, strengthening their competitiveness and efficiency through modernizing their corporate finance management system.

The bill is expected to improve the debt burden of the enterprises so that they can effectively discharge their social responsibilities without affecting their profitability.

More importantly, it enables the state-owned enterprises to contribute to the country’s economic development, it was learned.

The council referred the draft proclamation to the House of People’s Representatives for endorsement.

The other draft bills tabled for discussion were proclamations designed to approve the agreements Ethiopia has concluded with the Luxembourg government and the Swiss Confederation for avoidance of double taxation and tax evasion prevention.

During the discussion, it was noted that the proclamations have significant contributions towards encouraging investors to invest their resources in Ethiopia.

The bills were subsequently referred to the House of People’s Representatives for approval.

Source: Ethiopian News Agency