“Mining is a major sector in Eritrea, but we would like to make sure that Eritrea does not become a one-sector economy“-Woldai Futur
By Jenny Vaughan (AFP),
BISHA, Eritrea — In a vast pit of red earth, white stone and green ponds, excavators unearth precious copper in Eritrea’s first large scale commercial mine.
In its third year of production, Bisha mine — endowed with gold, copper and zinc — is Eritrea’s first major international investment, and one that promises enormous profit for the impoverished Red Sea state.
Despite criticism by rights groups — who say large scale mining props up a hardline regime accused of a raft of abuses — authorities hope the mine will draw investment in other industries to help boost Eritrea’s otherwise struggling economy. . Continue reading Eritrea’s Minerals: Blessing or Curse?→
Eritrea is the youngest Africa nation known for its political stability, fiscal restraint and low level of corruption. After independence in 1991, the government of Eritrea embarked on huge development programs that were targeted at reviving the economy, renovations and construction of the devastated infrastructure, and improvement of social services.
The government of Eritrea declares the adoption of proclamation No. 173/2013 aimed for the full liberalization of foreign currency in the country effective as of today.
In line with the proposed fiscal policy reforms for this year, the new law pertains on the opening of foreign currency deposit accounts, domestic commercial transactions and/or contracts, currency remittance and exchange, as well as the declaration of currency of travelers arriving into and departing from Eritrea. Continue reading Eritrea Adopts Liberalization of Foreign Currency→