The Reporter (Addis Ababa)

Ethiopia: CBE Bags U.S. $1.1 Billion From Export

The Commercial Bank of Ethiopia (CBE) secured USD 1.1 billion from export trade in the 2012-2013 budget year, The Reporter learnt. Ephrem Mekuria, communication manager with CBE, told The Reporter that the bank earned a total of USD 5.8 billion from international banking department (IBD) in the budget year.

Ephrem said exporters brought USD 1.1 billion from the export and the remaining was earned from remittance and other transactions. The bank made a gross profit of 8.4 billion birr. Similarly, the bank's deposit increased by 32.3 billion birr to 156.6 billion birr. The bank's total asset reached 202 billion birr. The bank recognized the exporters' performance at a gala dinner held at the Sheraton Addis on Thursday.

CBE awarded different prizes for its 152 customers who earned more than USD one million under six categories. Certificates, silver plates, and trophies were handed over to the exporters and money transfer companies. Ninety three of the exporters earned more than USD one million while the rest made between USD 5 million to more than USD 100 million.

Bronze, silver, gold and platinium winners received their prizes from senior government officials. Coffee, leather, oil seed and gold exporters were among the top performers. Four companies -Belayneh Kinde Import and Export, Adem Kedir Hora Trading, Warka Plc and Ethiopian Grain Trade Enterprise- who earned more than 35 million dollars were the platinium winners. MIDROC Gold which exported more than 100 million dollars worth of gold is the special prize winner.

Western Union which transferred more than USD 300 million was also announced as the special prize winner. Express, Bole Atlantic, MoneyGram, Dhabshil, Blue Nile and Golden money transfer companies won different prizes. Express channeled more than 100 million dollars. Mulege, Bagaresh, Alfoz, Mojdo Tannery, Hugian Shoe Factory, and China Overseas were among the long list of exporters who won prizes. Bekalu Zeleke, president of CBE, and Bereket Simon, board chairman, congratulated the exporters. Bekalu said the exporters demonstrated a remarkable performance at a time when there was a stiff global competition.

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