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Ethiopian Takes Off $450m Loan From Citigroup

Dec 25 , 2023

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Ethiopian Airlines Group has received a nod from Citi Group for a 450 million dollar loan to buy five new aircraft from Boeing, with two being 777 and the other three 737 Max. Their planned delivery in December next year will increase Ethiopia's fleet to 150. Ethiopian is by far the largest airline on the continent, managing to earn north of 6.1 billion dollars in revenues in 2022/23, which was a 20pc increment from the previous year. As part of the country's sovereign wealth fund, Ethiopian Investment Holding (EIH), the airline was one of the two companies alongside Ethio telecom, which forked 80pc of the 35 billion Br profits in the first quarter of the year.

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Somali Region Advances Budget Independence as Revenues Rise

Somali Regional State is moving closer to fiscal independence, with nearly half its budget now funded locally. Officials point to rising agricultural output and stronger tax enforcement as key drivers behind growing revenues. The region plans to cover 32.5 billion Br from its own resources in the upcoming fiscal year. Communication Head Mohammed Abdi credited last year's tax collection of 18 billion Br, exceeding the 17 billion Br target, to agriculture, khat, and other taxable goods. The reg...

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Environmental Protection Authority Shuts Down Polluters

Addis Abeba's Environmental Protection Authority (EPA) has taken enforcement action against 3,249 manufacturers and service providers found violating environmental standards in the 2024/25 fiscal year. The violations, ranging from air and noise pollution to improper waste disposal, were identified during inspections of 14,872 businesses citywide. Penalties included warnings and closures, with shutdown orders issued to six plastic factories, 23 block factories, a soft paper plant, 102 nightclu...

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Ministry Mandates Full Electronic Clearance for Top Taxpayers

Taxpayers under the Ministry of Revenues' Medium No. 1 branch will have to ditch paper filings and switch entirely to the e-Clearance system for non-audited services starting August 1, 2025. The mandate, routed through the Ministry's e-filing portal, is pitched as part of a broader push to modernise tax administration and advance the government's digital agenda. Officials say the platform lets users process clearance requests remotely via the Fayda national ID, cutting out manual paperwork. A...

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