Gov’t authorizes its 221 billion birr capital raise requestThe Ethiopian Railway Corporation (ERC) concluded the just ended fiscal year with a 9.7 billion birr loss, according to the Ministry of Finance’s report on state-owned enterprises (SOEs). - Advertisement -The just concluded fiscal year proved challenging for Ethiopia’s state-owned enterprises (SOEs), particularly the Railway Corporation. While profits before tax of SOEs grew a robust 59 percent, the ERC reported a significant 9.7 billion birr loss. Despite the loss, the Council of Ministers also authorized the Corporation’s request to raise capital to 221 billion birr. Abebech Diriba, communications head at ERC, confirmed the corporation’s 221 billion birr capital raise but declined to comment on the loss figures cited in the report.

Source: Ethiopian News August 19, 2023 08:21 UTC